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Conks

conks.plumbing

global monetary mechanics. Click to read Conks, a Substack publication with tens of thousands of subscribers.

Society / politics / economyCrypto / fintech

’21’22’23’24’25’26
Posts
149 from 21 Jan 2021 to 30 Sep 2026
Posting
weekly (40 in the last year)
Kind
personal blog
Feed
https://www.conks.plumbing/feed

2026 31

  1. Infographics: Hyperscaler Plumbing
  2. The Repo Dark Spot: Part II
  3. Infographics: The Repo Exodus
  4. The Repo Dark Spot: Part I
  5. Plumbing Feed: Adventures at the Long-end of the Curve
  6. Infographics: The Fed’s FIMA Complex
  7. Infographics: The G-SIB Surcharge
  8. Infographics: TGA Repos
  9. Infographics: Modern Bank Regulatory Arbitrage Trades, Flows & Mechanics
  10. Plumbing Notes: The Equity Repo Mania
  11. Infographics: Trades & Flows In The Equity Repo Complex
  12. Plumbing Notes: The Repo Rebound
  13. Infographics: The FHLB (Federal Home Loan Bank) Money Market Nexus
  14. Infographics: The Equity Repo Complex
  15. Primer: The SOFR/FF Basis
  16. Plumbing Notes: The Fed's Overshoot
  17. Plumbing Notes: Statecraft & the TGA
  18. Plumbing Notes: The Warsh Prelude
  19. Plumbing Feed: Swaps & Interventions
  20. Plumbing Notes: The Peak-TACO Era
  21. Plumbing Notes: War & Short-end Rates
  22. Infographics: A Warsh-Led Fed Balance Sheet Reduction
  23. Plumbing Notes: War & Plumbing
  24. Plumbing Notes: Nothing Ever Happens
  25. Infographics: Treasury Buybacks
  26. The Fed's New Target: Part II
  27. Infographics: Key Rates & Spreads In the Modern Repo Market
  28. Plumbing Notes: A Global Compression
  29. Plumbing Notes: Repo 101
  30. Infographics: The Modern Repo Market
  31. The Fed's New Target: Part I

2025 36

  1. Infographics: The Fed's Repo Rate "Sweet Spot"
  2. Infographics: How Liquidity Requirements Create Demand For Reserves/U.S. Treasuries
  3. Plumbing Notes: The Great Compression
  4. Plumbing Notes: A Faulty Relief Valve
  5. Plumbing Notes: Swifter Injections
  6. Plumbing Notes: The Repo Fortification
  7. Plumbing Notes: The Post-QT Era
  8. Plumbing Notes: The Basis Trade Scare
  9. Plumbing Notes: It's Not QE
  10. Plumbing Notes: The QT Enigma
  11. Infographics: The Fed Funds "Liquidity Booster"
  12. Infographics: The Fed's Target Rate Evolution
  13. Infographics: The Fed Funds Arbitrage Complex
  14. Plumbing Notes: Takeoff Begins
  15. The Fed's Reckoning: Part II
  16. Plumbing Notes: QT For (a Little) Longer
  17. The Fed's Reckoning: Part I
  18. Infographics: The Fed's Repo Hierarchy
  19. Infographics: The Global Dollar Rates Hierarchy ('25 Version)
  20. The Shadow Cash Market: Part II
  21. Infographics: Shadow Cash Trades & Flows
  22. The Great Rebalancing
  23. The Shadow Cash Market: Part I
  24. Infographics: Centrally Cleared U.S. Treasury Market Flows
  25. Infographics: The Shadow Cash Market
  26. The Fed's Relief Valve: Part II
  27. The Conks Pro Pilot Edition
  28. Announcing... Conks Pro
  29. Infographics: The Fed's SLR Rework
  30. Infographics: The U.S. Bank Capital Requirements Complex
  31. Infographics: The Fed's SLR (Supplementary Leverage Ratio)
  32. The Fed's Relief Valve: Part I
  33. The Money Market Blindspot: Part II
  34. Infographics: The TGA Drawdown
  35. The Money Market Blindspot: Part I
  36. Infographics: Intraday Repo Market Flows

2024 40

  1. The Year-End Money Market Storm
  2. Infographics: U.S. Repo Market Mechanics
  3. Infographics: The Federal Reserve's Standing Repo Facility In Action
  4. The Fed's Repo Defensive: Part II
  5. The Fed's Repo Defensive: Part I
  6. The Fed's Global Put: Part II
  7. The Fed's Global Put: Part I
  8. The Repo Market Dislocation: Part II
  9. The Repo Market Dislocation: Part I
  10. The Great Flattening
  11. Infographics: Bank "Window Dressing"
  12. Infographics: The U.S. Treasury Cash Market
  13. Infographics: The Mechanics of the Fed's RRP Facility
  14. Infographics: The Market For Intraday Megabank Liquidity
  15. The Central Bank "Pledgening"
  16. Infographics: The Global Dollar Rates Hierarchy Visualized
  17. Infographics: The Fed's Primary Defense Mechanism
  18. Infographics: The Plumbing of Global Dollar Swaps
  19. Infographics: The Federal Reserve’s Global Dollar Backstop
  20. Infographics: Tighter Quantitative Tightening
  21. Demystifying the Repo Market: Part III
  22. Infographics: The "Uncleared" Dealer-to-Customer Repo Market
  23. Infographics: The Foreign Exchange (FX) Markets Visualized
  24. Infographics: Sponsored Repo
  25. Infographics: How U.S. Government Securities Clear & Settle Via Fedwire
  26. The Repo Market Exodus: Part II
  27. The Repo Market Exodus: Part I
  28. Infographics: How Hedge Funds Obtain Leverage Using the Repo Market
  29. Infographics: The Repo Market Rewire
  30. Infographics: Relative Value Trading In the U.S. Treasury & Repo Markets
  31. Infographic: How Dealers Survive Under Basel III
  32. The Repo Market Rewire
  33. Infographic: Repo Market Central Counterparties (CCPs)
  34. Infographics: The Triparty Repo Market & Integrated Fed Facilities
  35. Infographics: The Interdealer Repo Market
  36. Infographics: The Bilateral (a.k.a. DVP) Repo Markets and Associated Trades
  37. Infographic: The Repo Market Visualized
  38. The Fed's New Rescue Mechanism
  39. Demystifying the Repo Market: Part II
  40. The Treasury Market Evolution

2023 28

  1. The Reverse Repo Endgame
  2. Demystifying the Treasury Market
  3. Demystifying the Repo Market
  4. The Shadow Bank Shutdown
  5. Demystifying the Asian Eurodollar
  6. The Fed's Final Frontier
  7. The Fed's Dollar Swap Network
  8. The Foreign Exchange Evolution
  9. The Treasury Market Basis Trade
  10. The Coming Volatility Suppression
  11. The Rise of the Secured Standard
  12. The Stealth Liquidity Squeeze
  13. The Demise of the Fed Funds Market
  14. The Repo Market Blindspot
  15. Demystifying the Eurodollar System
  16. The Fed's Plumbing Dilemma
  17. Demystifying Money Markets
  18. The Fed's Hidden Put
  19. The Transitory Pause
  20. The Treasury's Gambit
  21. Signed Ceiled and Delivered
  22. The Fed's Global Dilemma
  23. Collateral Damage
  24. Quantitative Teasing
  25. The Battle for the Treasury Market
  26. The Great Financial Tightening
  27. The Silent Monetary Revolution
  28. The Coming Liquidity Squeeze

2022 11

  1. The Federal Reserve's Gambit
  2. The Treasury Market Dark Spot
  3. The West Doesn't Need CBDCs
  4. The Great Sovereign Debt Intervention Is Here
  5. The U.S Dollar Endgame Could Take Centuries to Play Out
  6. The European Paradox
  7. The Federal Reserve Endgame Is Not a Collapse, It's Global Domination
  8. The Great Winter Gas Panic
  9. Don't Count On a Fed Pivot Just Yet
  10. The Tether Ultimatum
  11. Crypto Philanthrophy Is An Oxymoron

2021 3

  1. The NFT Bubble Will Burst
  2. Privacy Notice
  3. Terms Of Service