The Institutional Risk Analyst

When you see a bank with more than 10% of total assets in MBS, that's a big red flag in our book.

In 2019, the FOMC essentially nationalized the US money markets, eliminating private price discovery for a representation of a market.

Instead of seeking authority from Congress, Chairman Bernanke and other members of the FOMC merely turned on the public spigot.

As the scale of Fed open market operations grew since 2008, volatility has increased, rendering the adjustment from QE to QT problematic