QT, Interest Rates & Bank Solvency
At the Fed, because “confidence” is considered a factor in “policy,” it is OK to fib and obfuscate about the true cost of monetary policy.
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Mar 26, 202310 min
Update: New York Community Bank
We liked the NYCB + Flagstar story prior to the transaction with the FDIC for the assets and deposits of Signature Bank.
1,155 views
R. Christopher Whalen
Mar 23, 20236 min
FOMC Doubles Down on Market Risk
Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell are another bank failure or two away from returning to the private sector.
2,925 views
R. Christopher Whalen
Mar 17, 20238 min
Mark-to-Market on Bank America; Update on Credit Suisse & Guild Holdings
We recently added Western Alliance (WAL) and GHLD to our portfolio
2,717 views
R. Christopher Whalen
Mar 14, 20238 min
QE & the Yellen Banking Crisis
By any reasonable standard, Janet Yellen should have already resigned, but not in the strange world of Washington.
3,156 views
R. Christopher Whalen
Mar 11, 20236 min
Who Killed Silicon Valley Bank?; The IRA Bank Book Q1 2023
Last week not a single member of the Big Media managed to ask Fed Chairman Jerome Powell about the state of the US banking system
8,986 views
R. Christopher Whalen
Mar 6, 20238 min
Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)
Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?
1,805 views
R. Christopher Whalen
Feb 27, 20236 min
QT & Powell's Liquidity Trap
The Federal Open Market Committee has arguably lost control of monetary policy and has placed America's banks in grave risk.
8,665 views
R. Christopher Whalen
Feb 21, 20236 min
Is Stripe Worth $55 Billion? Really?
CEO Patrick Collison is guiding investors and the media to a $200 million profit in 2023. Selective disclosure??
559 views
R. Christopher Whalen
Feb 16, 20235 min
Will We See Double-Digit Residential Mortgage Rates -- Again?
As the FOMC moves short-term rates towards 6%, we expect to take another run at double-digit rates for prime residential mortgage loans.
1,426 views
R. Christopher Whalen
Feb 3, 20239 min
Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs
The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
842 views
R. Christopher Whalen
Jan 25, 20238 min
Silvergate, Reverse RPs and the “Theology of Prosperity”
Crypto, of course, is not an asset as much as a bad idea that was given life by Quantitative Easing
873 views
R. Christopher Whalen
Jan 23, 20236 min
Update: Bank of America
We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks
536 views
R. Christopher Whalen
Jan 19, 20239 min
Interview: Mike Patterson, Freedom Mortgage
In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.
922 views
R. Christopher Whalen
Jan 16, 20237 min
Goldman Drops Restatement; Jamie Dimon Drops the Ball on "Frank"
The Fed’s de facto embrace of inflation encourages misallocation of economic resources on a grand scale....
744 views
R. Christopher Whalen
Jan 4, 20237 min
Update: Truist, Charles Schwab, U.S. Bancorp & PNC Financial
The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap
767 views
R. Christopher Whalen
Dec 22, 20226 min
GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate
The US government now owns the largest reverse lender in the country.
1,393 views
R. Christopher Whalen
Dec 20, 20225 min
Outliers: CapitalOne, Goldman Sachs & Citigroup
Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.
566 views
R. Christopher Whalen
Dec 9, 20225 min
Blockchain, Crypto & Falling Liquidity
Whether we are talking about corporate credit exposures or housing, the short trade may be the place to be over the next year.
497 views
R. Christopher Whalen
Nov 19, 20221 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
542 views
Christopher Whalen
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