Higher Home Prices & Inflation in 2024
This morning, banks are buying funding from the BTFP below 4.85% and selling Fed funds at 5.5%.Â
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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
- Dec 21, 2023
- 7 min
Update: Citigroup Fights for Credibility
Citigroup picked up almost 10 points of book value since the end of Q3 2023.
608 views
R. Christopher Whalen
- Dec 19, 2023
- 6 min
Another Progressive New Year?
Many participants in the equity markets are chewing on ski tips this holiday season after boldly predicting lower interest rates in 2024
724 views
R. Christopher Whalen
- Dec 15, 2023
- 7 min
Rates Rally Financials, But Credit Fears Remain
The key term for risk managers and investors in 2024 remains unchanged from this year: Volatility.
483 views
R. Christopher Whalen
- Dec 12, 2023
- 6 min
What Does PNC Financial Say About Commercial Real Estate?
What does PNC tell us now about commercial loan exposures in 2024?
995 views
R. Christopher Whalen
- Dec 11, 2023
- 6 min
Is the Fed Insolvent? Does it Matter?
The real question is not whether the FOMC can get inflation down to the 2% target but whether it can keep asset prices rising indefinitely
1,168 views
R. Christopher Whalen
- Dec 8, 2023
- 4 min
Stocks, Interest Rates and Reverse RPs
Simply stated, with T-bills trading significantly above the yield on RRPs, there is no reason for MMFs to leave cash at the Fed
706 views
R. Christopher Whalen
- Dec 5, 2023
- 8 min
Do Bank Reserves Boost Stocks? | IRA Bank Book for Q4 2023
In this issue of The Institutional Risk Analyst, we release the latest edition of The IRA Bank Book for Q4 2023
729 views
R. Christopher Whalen
- Nov 29, 2023
- 6 min
Update: Flying Fintechs & Zombie Banks
COIN has been helped by a groundswell of positive comment about crypto in 2023...
659 views
R. Christopher Whalen
- Nov 27, 2023
- 6 min
The Moral Hazard of Jerome Powell
Instead of seeking authority from Congress, Chairman Bernanke and other members of the FOMC merely turned on the public spigot.
1,728 views
R. Christopher Whalen
- Nov 20, 2023
- 6 min
Yield Curve Normalization Good for Banks?
We think that doing nothing is a fool’s trade, to be blunt, because the next Treasury refunding could pull market yields sharply higher.
1,032 views
R. Christopher Whalen
- Nov 17, 2023
- 6 min
Recessions Signs in Texas & China
The mood in the Dallas mortgage community is subdued, much like the atmosphere after an especially good party.
535 views
R. Christopher Whalen
- Nov 14, 2023
- 3 min
Housing Finance Outlook Q4 2023
Baring some emergency, the Fed seems on track to keep interest rates at current levels indefintely.
559 views
R. Christopher Whalen
- Nov 13, 2023
- 8 min
Big What? Rising Debt Service & Falling Liquidity
As with the Volcker Rule for banks, the move to centralized clearing of Treasuries and T-1 settlement seems destined to reduce liquidity
857 views
R. Christopher Whalen
- Nov 8, 2023
- 5 min
Update: Bank of America
If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity
1,097 views
R. Christopher Whalen
- Nov 6, 2023
- 4 min
ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
1,190 views
R. Christopher Whalen
- Nov 1, 2023
- 6 min
Update: PennyMac Financial Services
If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?
509 views
R. Christopher Whalen
- Oct 30, 2023
- 4 min
Rate Peak Emerges, Deflation Looms
One of the effects of QE has been making many banks and real estate investors insolvent, a precursor to debt defaults.
1,507 views
R. Christopher Whalen
- Oct 26, 2023
- 9 min
Interest Rates, Fintech & MSRs
Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.
525 views
R. Christopher Whalen
- Oct 24, 2023
- 5 min
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
1,007 views
Christopher Whalen
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