As banks have trickled out their third quarter balance sheet filings, we gain more insight into the events of that quarter as well as some additional color as to the ongoing drama of the current one. Perhaps the most startling shift in an otherwise quite busy and at times despondent period was the universal compression of swap spreads into negative [...]
Credit and funding markets have been pretty much defined by “dollar” behavior for most of March in the same manner that defined December and early October. At the outset, it looked as if credit markets had turned the “other” way with interest rates rising and some of the downstream “markets” no longer under such steady pressure. The culmination of that [...]
Inside the Treasury Department, the Office of Financial Research has grown to 225 employees, though that may be just a concerning (bureaucracy) as it is laudable (serious effort). Incorporated by Dodd-Frank, the agency inside the agency is dedicated to “Wall Street Reform”, at least that was the heading upon its old website. At its new virtual location, OFR projects its [...]
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