R. Christopher WhalenJun 27, 20223 minBank Liquidity & Quantitative Tightening (QT)A "normal" level for US bank deposits would be closer to $15 trillion than $19.9 trillion today.
R. Christopher WhalenApr 26, 20226 minDeflation, Not Inflation, is the ThreatXi Jinping in China and Putin in Russia have turned their backs on the global economy to retain power
R. Christopher WhalenApr 20, 20225 minUkraine & the Return of Credit RiskJust imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
R. Christopher WhalenMar 31, 20225 minWhy the FOMC Cannot Sell its Mortgage Bonds With MBS prices falling, the FOMC may have to accept the natural runoff rate for the MBS in the SOMA for many years to come
R. Christopher WhalenJan 6, 20225 minInterest Rates, Stocks & MSRsWe think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.