The Institutional Risk Analyst

Perhaps Chairman Powell will be kind enough to fall on his sword on way out the door to make things easier for a future Chairman Waller...

We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...

More often than not, Fed Governors use media appearances to enhance their personal celebrity rather than doing their jobs.

Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.

While there are a great number of people inside the Fed who ponder the appropriate level of reserves in the system, they don't really know

Volatility remains perhaps the biggest risk factor today, mostly because of a lack of visibility on unexpected risks.

The key thing to remember with commercial real estate is the change in price volatility and direction that has occurred since COVID.

As the public debt of the US grows, after all, the implicit claim of the Treasury on all private US assets also grows.

The key term for risk managers and investors in 2024 remains unchanged from this year: Volatility.

Simply stated, with T-bills trading significantly above the yield on RRPs, there is no reason for MMFs to leave cash at the Fed

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

One of the effects of QE has been making many banks and real estate investors insolvent, a precursor to debt defaults.

Rising interest rates are not good for bank earnings or bank equity valuations.

Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"

The Powell Fed needs to drop short-term interest rates back down to 4% and leave them there indefinitely.

The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.

With a 75bp average total gfee, would the market for private label MBS return? Or would conventional lending volumes simply crater?

Whether we have Donald Trump or Joe Biden in the White House next Christmas, the US seems to be on a trajectory to a financial crisis...

S&P was the first to call out the growing lack of fiscal discipline in Washington, downgrading Uncle Sam in 2011

Inflation is called a “hidden tax,” but lately the tax is not even barely concealed.