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Can the Treasury Kill the Basis Trade?
(Gently, of course)
Feb 18
•
Steven Kelly
21
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Can the Treasury Kill the Basis Trade?
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14
The 2023 Banking Crisis Was Not a "Social-Media-Driven Run"
Twitter has enough problems; don't blame it for a banking crisis
Feb 5
•
Steven Kelly
5
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The 2023 Banking Crisis Was Not a "Social-Media-Driven Run"
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January 2024
The BTFP and Fed Lending When Rates are Volatile
It’s a big balance sheet world out there
Jan 26
•
Steven Kelly
8
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The BTFP and Fed Lending When Rates are Volatile
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The Fed Has the Discount Window, But the FHLBs Have Discounts
FHLB borrowing pays dividends. Literally.
Jan 18
•
Steven Kelly
9
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The Fed Has the Discount Window, But the FHLBs Have Discounts
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Does Private Credit Really Reduce Systemic Risk?
If you squint
Jan 17
•
Steven Kelly
12
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Does Private Credit Really Reduce Systemic Risk?
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4
October 2023
Why Does the Fed Really Use SPVs?
Often maligned as a legal gimmick, there are several strategic considerations to using SPVs when fighting a crisis. (And the legal underpinnings are…
Oct 5, 2023
•
Steven Kelly
5
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Why Does the Fed Really Use SPVs?
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3
September 2023
UPDATE: New evidence on "Is the Fed Financing the FDIC?"
A new submission to the congressional record suggests more FDIC liquidity being sourced from the Fed
Sep 17, 2023
•
Steven Kelly
9
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UPDATE: New evidence on "Is the Fed Financing the FDIC?"
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Is the Fed Financing the FDIC?
Maybe casually
Sep 4, 2023
•
Steven Kelly
9
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Is the Fed Financing the FDIC?
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August 2023
SVB and bank capital, revisited
Bank capital matters too much to be left to a ratio — Via FTAV
Aug 31, 2023
•
Steven Kelly
2
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SVB and bank capital, revisited
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July 2023
Where Was the Last Place You Saw the Deposits?
Some deposits got pulled, most just disappeared
Jul 18, 2023
•
Steven Kelly
16
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Where Was the Last Place You Saw the Deposits?
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The Macro Story of SVB Isn't Just About the Fed
SVB: if not them, then who?
Jul 5, 2023
•
Steven Kelly
10
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The Macro Story of SVB Isn't Just About the Fed
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June 2023
Why Does Bank Accounting Seem So Backwards?
Fixing the accounting is futile; understanding the business is what matters
Jun 6, 2023
•
Steven Kelly
10
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Why Does Bank Accounting Seem So Backwards?
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