The Institutional Risk Analyst

With the Fed doubling down on rate increases, the pressure on all manner of nonbank finance companies and fintech platforms is growing.

A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.

SWCH is performing above the rate of total returns for the data center REITs, according to Nareit

Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.

The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent

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

We expect to see reasonably strong earnings for commercial lenders in Q3 2022 as loan yields slowly rise...

The entire mortgage industry will have a single point of failure with the ICE/BKI combination

Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...

The assumption of price volatility on the part of consumers and business managers is at the heart of inflation expectations

If the merger of Black Knight and Intercontinental Exchange goes through, the expanded ICE monopoly will simply give POS tools away for free

The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well

Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over

Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.

Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.

The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.

Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...

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

We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...

QE has created a gigantic interest rate mismatch across markets for banks, non-banks and other financial intermediaries including the GSEs