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
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Nov 29
- 6 min
Update: Flying Fintechs & Zombie Banks
COIN has been helped by a groundswell of positive comment about crypto in 2023...
581 views
R. Christopher Whalen
- Nov 8
- 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
1,055 views
R. Christopher Whalen
- Oct 15
- 7 min
Bank Earnings Takeaways -- JPM, WFC and Citi
Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"
712 views
R. Christopher Whalen
- Sep 27
- 9 min
SoftBank as Systemic Event; Update: Charles Schwab & Co
The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.
1,263 views
R. Christopher Whalen
- Sep 11
- 3 min
Bank Industry Review & Survey Q3 2023
The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations
851 views
R. Christopher Whalen
- Sep 1
- 6 min
Winter is Coming in Bank Credit
If a bank has 6% debt to assets, what is the equity of the parent BHC worth?
1,144 views
R. Christopher Whalen
- Aug 23
- 6 min
Update: Goldman Sachs + Citigroup; Interest Rates Higher Longer?
We continue to believe that combining Citi and GS may make sense in terms of consolidating two capital markets businesses
628 views
R. Christopher Whalen
- Jul 15
- 5 min
Bank Earnings: JPM, WFC & Citi
JPM has an impressive lead in earnings and growth over WFC and C, neither one of which is positioned to catch up with Jamie Dimon in 2023.
493 views
R. Christopher Whalen
- Jul 3
- 7 min
Top Five Banks: JPMorgan Leads the Pack
JPM is really a large mutual fund with a bank attached, as shown in the table below.
812 views
R. Christopher Whalen
- May 23
- 7 min
PacWest Bancorp & Fed Hawks
To survive long-term, both WAL and PACW need to get that beta back down below 2 and closer to 1, but the hawks on the FOMC may not cooperate
2,414 views
R. Christopher Whalen
- Apr 17
- 4 min
Funding & Credit: Q1 2023 Bank Earnings Takeaways
The issue is not whether your bank is getting smaller, but whether credit expenses are being managed as funding costs inevitably rise.
1,122 views
R. Christopher Whalen
- Apr 12
- 8 min
Q1 2023 Bank Earnings: Lower for Longer | JPM USB C WFC BAC
Given that the US Treasury is paying 4% for 90-day T-bills, you can see how far banks have to go to become competitive on rates
1,027 views
R. Christopher Whalen
- Apr 9
- 12 min
Powell's Duration Trap, Banks and the US Treasury
The Fed by definition cannot make a profit and is always an expense to the Treasury, thus operating losses are a expense to the taxpayer
4,062 views
R. Christopher Whalen
- Feb 23
- 7 min
The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
2,365 views
R. Christopher Whalen
- Jan 30
- 7 min
Why the FT is Wrong About Ally Financial
Ally is still more finance company than bank and really has no core deposit base worthy of the name.
950 views
R. Christopher Whalen
- Jan 23
- 6 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
534 views
R. Christopher Whalen
- Jan 4
- 7 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
719 views
R. Christopher Whalen
- Dec 20, 2022
- 5 min
Outliers: CapitalOne, Goldman Sachs & Citigroup
Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.
558 views
R. Christopher Whalen
- Oct 12, 2022
- 7 min
Update: U.S. Bank vs. Bank OZK; Q3 2022 Earnings Setup
How will this above-peer performer from Little Rock do in a Fed-induced recession that rivals 2008 in terms of market losses?
674 views
Christopher Whalen
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