Conks
@conkstack.skystack.xyz
global monetary mechanics
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This is an automated Substack Account of https://conkstack.substack.com
Discover more/Create at: @skystack.xyz
Infographics: How Liquidity Requirements Create Demand For Reserves/U.S. Treasuries • an overview of large banks' intraday liquidity requirements
Infographics: How Liquidity Requirements Create Demand For Reserves/U.S. Treasuries
an overview of large banks' intraday liquidity requirements
www.conks.plumbing
December 24, 2025 at 9:59 PM
Infographics: How Liquidity Requirements Create Demand For Reserves/U.S. Treasuries • an overview of large banks' intraday liquidity requirements
Plumbing Notes: The Great Compression • the Fed declares war on money market volatility
Plumbing Notes: The Great Compression
the Fed declares war on money market volatility
www.conks.plumbing
December 15, 2025 at 4:00 AM
Plumbing Notes: The Great Compression • the Fed declares war on money market volatility
Plumbing Notes: A Faulty Relief Valve • why the Fed's SLR rework won't be the major booster of UST demand
Plumbing Notes: A Faulty Relief Valve
why the Fed's SLR rework won't be the major booster of UST demand
www.conks.plumbing
December 10, 2025 at 1:00 PM
Plumbing Notes: A Faulty Relief Valve • why the Fed's SLR rework won't be the major booster of UST demand
Plumbing Notes: Swifter Injections • the Fed is priced to pull the trigger sooner rather than later
Plumbing Notes: Swifter Injections
the Fed is priced to pull the trigger sooner rather than later
www.conks.plumbing
December 10, 2025 at 1:00 PM
Plumbing Notes: Swifter Injections • the Fed is priced to pull the trigger sooner rather than later
Plumbing Notes: The Repo Fortification • the Fed's attempt to strengthen its fragile "upper jaw"
Plumbing Notes: The Repo Fortification
the Fed's attempt to strengthen its fragile "upper jaw"
www.conks.plumbing
December 3, 2025 at 1:03 PM
Plumbing Notes: The Repo Fortification • the Fed's attempt to strengthen its fragile "upper jaw"
Plumbing Notes: The Post-QT Era • the Fed's balance sheet "winter" is coming to an end
Plumbing Notes: The Post-QT Era
the Fed's balance sheet "winter" is coming to an end
www.conks.plumbing
November 26, 2025 at 7:00 PM
Plumbing Notes: The Post-QT Era • the Fed's balance sheet "winter" is coming to an end
Plumbing Notes: The Basis Trade Scare • the latest on the most systemically important bond market trade
Plumbing Notes: The Basis Trade Scare
the latest on the most systemically important bond market trade
www.conks.plumbing
November 24, 2025 at 8:16 PM
Plumbing Notes: The Basis Trade Scare • the latest on the most systemically important bond market trade
Plumbing Notes: It's Not QE • the mechanics behind the Fed's coming balance sheet "bazooka"
Plumbing Notes: It's Not QE
the mechanics behind the Fed's coming balance sheet "bazooka"
www.conks.plumbing
November 24, 2025 at 8:16 PM
Plumbing Notes: It's Not QE • the mechanics behind the Fed's coming balance sheet "bazooka"
Plumbing Notes: The QT Enigma • enough funding alarm bells have chimed, with the Fed set to announce or initiate its next plumbing put. the enigma, however, is deciding when to unleash its next "bazooka" — sometime before year-end
Plumbing Notes: The QT Enigma
enough funding alarm bells have chimed, with the Fed set to announce or initiate its next plumbing put. the enigma, however, is deciding when to unleash its next "bazooka" — sometime before year-end
www.conks.plumbing
November 24, 2025 at 8:16 PM
Plumbing Notes: The QT Enigma • enough funding alarm bells have chimed, with the Fed set to announce or initiate its next plumbing put. the enigma, however, is deciding when to unleash its next "bazooka" — sometime before year-end
Infographics: The Fed Funds "Liquidity Booster" • how smaller banks can game their regulatory ratios (LCRs) by tapping the fed funds market
Infographics: The Fed Funds "Liquidity Booster"
how smaller banks can game their regulatory ratios (LCRs) by tapping the fed funds market
www.conks.plumbing
November 24, 2025 at 8:16 PM
Infographics: The Fed Funds "Liquidity Booster" • how smaller banks can game their regulatory ratios (LCRs) by tapping the fed funds market
Infographics: The Fed's Target Rate Evolution • an overview of the flows/trades that fuel the Fed's current (& future) target rate
Infographics: The Fed's Target Rate Evolution
an overview of the flows/trades that fuel the Fed's current (& future) target rate
www.conks.plumbing
November 24, 2025 at 8:16 PM
Infographics: The Fed's Target Rate Evolution • an overview of the flows/trades that fuel the Fed's current (& future) target rate
Infographics: The Fed Funds Arbitrage Complex • an overview of the plumbing & flows involved in interbank (o/n FF) arbitrage trades
Infographics: The Fed Funds Arbitrage Complex
an overview of the plumbing & flows involved in interbank (o/n FF) arbitrage trades
www.conks.plumbing
November 24, 2025 at 8:16 PM
Infographics: The Fed Funds Arbitrage Complex • an overview of the plumbing & flows involved in interbank (o/n FF) arbitrage trades
The Fed's Reckoning: Part II • money market interlinkages and the coming central bank put
The Fed's Reckoning: Part II
money market interlinkages and the coming central bank put
www.conks.plumbing
November 24, 2025 at 8:16 PM
The Fed's Reckoning: Part II • money market interlinkages and the coming central bank put
Plumbing Notes: QT For (a Little) Longer • mid-month pressures have arisen but will soon clear. nevertheless, higher money market rates will prevail, increasing odds of central bank action. this could come as late as Q1 next year, however
Plumbing Notes: QT For (a Little) Longer
mid-month pressures have arisen but will soon clear. nevertheless, higher money market rates will prevail, increasing odds of central bank action. this could come as late as Q1 next year, however
www.conks.plumbing
November 24, 2025 at 8:16 PM
Plumbing Notes: QT For (a Little) Longer • mid-month pressures have arisen but will soon clear. nevertheless, higher money market rates will prevail, increasing odds of central bank action. this could come as late as Q1 next year, however
The Fed's Reckoning: Part I • a plumbing "soft (or hard) landing" awaits monetary leaders
The Fed's Reckoning: Part I
a plumbing "soft (or hard) landing" awaits monetary leaders
www.conks.plumbing
November 24, 2025 at 8:16 PM
The Fed's Reckoning: Part I • a plumbing "soft (or hard) landing" awaits monetary leaders
Infographics: The Fed's Repo Hierarchy • an overview of the hierarchy at which certain types of entities transact in repo markets
Infographics: The Fed's Repo Hierarchy
an overview of the hierarchy at which certain types of entities transact in repo markets
www.conks.plumbing
November 24, 2025 at 8:16 PM
Infographics: The Fed's Repo Hierarchy • an overview of the hierarchy at which certain types of entities transact in repo markets
The Shadow Cash Market: Part II • the "bond-like" market and understated liquidity
The Shadow Cash Market: Part II
the "bond-like" market and understated liquidity
www.conks.plumbing
November 24, 2025 at 8:16 PM
The Shadow Cash Market: Part II • the "bond-like" market and understated liquidity
Infographics: Shadow Cash Trades & Flows • "bond-like" trades and flows mapped out
Infographics: Shadow Cash Trades & Flows
"bond-like" trades and flows mapped out
www.conks.plumbing
November 24, 2025 at 8:17 PM
Infographics: Shadow Cash Trades & Flows • "bond-like" trades and flows mapped out
The Great Rebalancing • the war on long-end Treasury issuance is just beginning
The Great Rebalancing
the war on long-end Treasury issuance is just beginning
www.conks.plumbing
November 24, 2025 at 8:17 PM
The Great Rebalancing • the war on long-end Treasury issuance is just beginning
The Shadow Cash Market: Part I • the Treasury market's covert twin is boosting liquidity
The Shadow Cash Market: Part I
the Treasury market's covert twin is boosting liquidity
www.conks.plumbing
November 24, 2025 at 8:17 PM
The Shadow Cash Market: Part I • the Treasury market's covert twin is boosting liquidity
Infographics: The Shadow Cash Market • the "bond-like" liquidity ecosystem
Infographics: The Shadow Cash Market
the "bond-like" liquidity ecosystem
www.conks.plumbing
November 24, 2025 at 8:17 PM
Infographics: The Shadow Cash Market • the "bond-like" liquidity ecosystem
The Fed's Relief Valve: Part II • an attempt to grease the Treasury market's plumbing may fall short
The Fed's Relief Valve: Part II
an attempt to grease the Treasury market's plumbing may fall short
www.conks.plumbing
November 24, 2025 at 8:17 PM
The Fed's Relief Valve: Part II • an attempt to grease the Treasury market's plumbing may fall short
The Conks Pro Pilot Edition • the first pro edition just dropped
The Conks Pro Pilot Edition
the first pro edition just dropped
www.conks.plumbing
November 24, 2025 at 8:17 PM
The Conks Pro Pilot Edition • the first pro edition just dropped