banking system

Jamie Dimon (Still) Hates Bonds Because Inflation; Other Banks Apparently Love Bonds Because There’s No Credit To Inflation

By Jeffrey P. Snider|2021-06-18T16:45:41-04:00June 18th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

JP Morgan’s Jamie Dimon hasn’t produced an enviable track record opining on inflationary potential. He’s forever deeply entrenched in the inflation camp, and because he sits atop the corporate structure of one of the world’s biggest and most well-known banks, it does seem reasonable at first how his opinion on monetary matters is taken very seriously – despite repeatedly missing [...]

Jay Powell’s Bad Cop Routine: Intentionally Pushing Banks Off the SLR ‘Cliff’

By Jeffrey P. Snider|2021-03-19T17:10:16-04:00March 19th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Federal Reserve has allowed itself an image of a marshmallow when it comes to the banking system it is (one-third) charged with regulating. First and foremost, along with the two other (redundant) triplets, the OCC and FDIC, the US central bank is not a central bank at all; it is near exclusively a domestic bank regulator. And while “macroprudential” [...]

Taking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo

By Jeffrey P. Snider|2020-09-22T18:40:29-04:00September 22nd, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Milton Friedman wasn’t trying to be cagey. Quite the contrary, he was recognizing the complexity of the world we actually inhabit and then stating this in perfectly clear language. Things aren’t so simple as positive versus negative, especially when it comes to moving progress forward – or stopping in its tracks. What if progress merely slows; worse, what if it [...]

Banks Or (euro)Dollars? That Is The (only) Question

By Jeffrey P. Snider|2020-04-01T17:02:26-04:00April 1st, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It used to be that at each quarter’s end the repo rate would rise often quite far. You may recall the end of 2018, following a wave of global liquidations and curve collapsing when the GC rate (UST) skyrocketed to 5.149%, nearly 300 bps above the RRP “floor.” Chalked up to nothing more than 2a7 or “too many” Treasuries, it [...]

Jamie Dimon (Still) Hates Bonds Because Inflation; Other Banks Apparently Love Bonds Because There’s No Credit To Inflation

Jay Powell’s Bad Cop Routine: Intentionally Pushing Banks Off the SLR ‘Cliff’

Taking You, The Fed’s Bank Reserves, And Banks’ Checkable Deposits For A Quick Stroll In The Monetary Zoo

Banks Or (euro)Dollars? That Is The (only) Question

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