Bank Liquidity & Quantitative Tightening (QT)
A "normal" level for US bank deposits would be closer to $15 trillion than $19.9 trillion today.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Jun 20, 2022
- 8 min
The Fed and Housing
Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.
1,558 views
R. Christopher Whalen
- Jun 15, 2022
- 5 min
Update: US Banks Post-QE
Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term
402 views
R. Christopher Whalen
- May 31, 2022
- 6 min
QT Means Short Credit Risk
Market risk realized today becomes credit risk tomorrow...
1,228 views
R. Christopher Whalen
- May 29, 2022
- 2 min
The IRA Bank Book | Outlook Q2 2022
The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...
397 views
R. Christopher Whalen
- May 23, 2022
- 7 min
Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
979 views
R. Christopher Whalen
- May 18, 2022
- 6 min
Update: Crypto Frauds and Fintech Dreams
Q: What do Elon Musk and Masayoshi Son have in common? Gigantic margin loans...
514 views
R. Christopher Whalen
- May 13, 2022
- 5 min
Feldkamp: Paul Volcker, Volatility, Inflation & Honesty
Benevolence, as Chris and I noted in our book "Financial Stability," always gets you more bang for the buck than being miserable.
466 views
R. Christopher Whalen
- Apr 22, 2022
- 6 min
Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
341 views
R. Christopher Whalen
- Apr 20, 2022
- 5 min
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
536 views
R. Christopher Whalen
- Apr 17, 2022
- 6 min
Profile: Morgan Stanley vs Goldman Sachs
Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...
400 views
R. Christopher Whalen
- Apr 11, 2022
- 5 min
Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
489 views
R. Christopher Whalen
- Mar 28, 2022
- 6 min
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
353 views
R. Christopher Whalen
- Mar 21, 2022
- 6 min
Will SOFR Be the Death of Jay Powell?
If the Fed causes another liquidity crisis as it ends QE and shrinks the balance sheet, then Chairman Powell should immediately resign.
1,347 views
R. Christopher Whalen
- Mar 15, 2022
- 5 min
QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
854 views
R. Christopher Whalen
- Mar 9, 2022
- 4 min
A Tale of Two Mortgage SPACs: UWMC and FOA
Why did FOA write down $1.4 billion in intangible equity, yet UWM took no similar write down?
317 views
R. Christopher Whalen
- Mar 7, 2022
- 11 min
The IRA Bank Book Q1 2022 | Credit Risk Returns
We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.
550 views
R. Christopher Whalen
- Mar 1, 2022
- 3 min
When "Force Majeure" Isn't Quite
The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.
324 views
R. Christopher Whalen
- Feb 16, 2022
- 6 min
Profile: Silvergate Capital Corp (SI)
SI’s management team is taking advantage of the narrative in Washington, which is that stable coins will be a bank only product
548 views
R. Christopher Whalen
- Feb 10, 2022
- 6 min
Profile: NexBank Capital, Inc.
Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021
355 views
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