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.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Feb 27
- 6 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.
7,936 views
R. Christopher Whalen
- Sep 18, 2022
- 9 min
Inflation, Politics & Fed Chairmen
As the scale of Fed open market operations grew since 2008, volatility has increased, rendering the adjustment from QE to QT problematic
992 views
R. Christopher Whalen
- Sep 8, 2022
- 5 min
Update: The Bull Case for US Financials
Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...
499 views
R. Christopher Whalen
- Aug 21, 2022
- 7 min
Interest Rates, FinTechs & MSRs
Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
516 views
R. Christopher Whalen
- Jul 31, 2022
- 8 min
Short Collateral & Long Tantrums
Demand for risk-free collateral and liquidity is largely a function of how JPMorgan (JPM) CEO Jamie Dimon feels about risk on any given day
837 views
R. Christopher Whalen
- Jun 20, 2022
- 8 min
The Fed and Housing
Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.
1,555 views
R. Christopher Whalen
- May 23, 2022
- 7 min
Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
977 views
R. Christopher Whalen
- May 8, 2022
- 8 min
Chairman Powell's Duration Problem
Chairman Powell’s demeanor during the press conference when he spoke with Mike McKee suggests a man who knows he has a problem.
855 views
R. Christopher Whalen
- Jan 6, 2022
- 5 min
Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
523 views
R. Christopher Whalen
- Nov 15, 2021
- 4 min
As the Fed Ends QE, Stocks and Crypto Will Retreat
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.
1,136 views
R. Christopher Whalen
- Oct 25, 2021
- 6 min
Three Questions for Chairman Powell
Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.
659 views
R. Christopher Whalen
- Sep 13, 2021
- 7 min
Debt Ceilings & Interest Rate Floors
When Treasury market yields trade and stay negative, look for the Federal Reserve Board to come to the rescue of MM funds and banks.
818 views
R. Christopher Whalen
- Mar 25, 2021
- 7 min
Update: Q1 2021 Bank Earnings
US banks are running at income levels that are less than half of a year ago...
309 views
R. Christopher Whalen
- Dec 14, 2020
- 7 min
Wag the Fed: Will the TGA force Rates Negative?
The risk presented by changes in behavior compelled by COVID have only begun to emerge into view in urban commercial real estate...
3,032 views
R. Christopher Whalen
- Sep 14, 2020
- 4 min
Financial Repression and Inflation Targets
No matter who wins the presidential election in November, have no doubt that Chairman Powell is the most important man in town...
586 views
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