Without Warning

"When Should We Care About Unrealized Bank Losses?"

A guest spot over at Odd Lots

Jun 26 • 

Steven Kelly

4

The Financial Stability Implications of Each Possible Stablecoin Reserves Model

There's always something

Jun 15 • 

Steven Kelly

16

April 2025

New paper: "Ad Hoc Emergency Liquidity Programs in the 21st Century"

Death to the myth of the "illiquid but solvent" bank that needs a rescue

Apr 16 • 

Steven Kelly

6

March 2025

New paper: "Rushing to Judgment and the Banking Crisis of 2023"

With Jonathan Rose

Mar 4 • 

Steven Kelly

15

3

February 2025

Where Debanking Didn't Happen

With no redactions

Feb 23 • 

Steven Kelly

7

1

January 2025

Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending

A new paper

Jan 14 • 

Steven Kelly

7

Ratings Agencies: The Forgotten Constituency of Financial Crisis Interventions

A new policy note with Ayo George

Jan 2 • 

Steven Kelly

2

December 2024

The Fed's Bit Part in the Credit Suisse Saga

Pardon my French

Dec 20, 2024 • 

Steven Kelly

8

1

The Fed Should Stay Out of the Fight for T-Bills

After QT, the Fed will think about how it defines a "neutral" portfolio

Dec 13, 2024 • 

Steven Kelly

11

October 2024

Private Credit's Shifting Identity

It has slowly begun undermining most of its original value propositions

Oct 6, 2024 • 

Steven Kelly

24

September 2024

Shadow Banks Can Run—But Not Hide—From Bank Supervisors

There's no such thing as a shadow bank without a bank

Sep 29, 2024 • 

Steven Kelly

11

What Vice Chair Barr's Liquidity Speech Wasn't

His nonversation on liquidity got some analysts confused

Sep 27, 2024 • 

Steven Kelly

6