A bit of a plumbing update for you: the Feds dumping of bonds continues apace, on auto-pilot: 
Reverse Repo remains in a free-fall, plunging toward $0 in within months at this pace. 
And, of course, Yellen’s free money giveaway called BTFP is at another lifetime high, as desperate banks continue gobbling up billions from their buddies in D.C. without fear of reprisal: 
The spread between the S&P and Fed liquidity remains gargantuan, but nothing can seem to break this market for more than a few moments. 
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