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The Institutional Risk Analyst
Should the Federal Reserve Pay Interest on Bank Reserves?
Paying interest on reserves has nothing to do with whether banks lend and everything to do with enabling the Fed to manage the Treasury market. If you don’t want the Treasury market to remain open, then take away the Fed’s power to pay interest on reserves.
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Jul 178 min read
Banks: Passive Strategies Lag Active Management
In the third quarter of publishing the Indices, so far picking quality banks seems to matter more than following the passive ETF herd
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Sep 4, 20245 min read
Interview: Brian Barnier on the Fed and Inflation in Never Never Land
In the 1950s through maybe into the late 1990s, the FOMC could control mortgage interest rates....
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Jun 17, 20245 min read
Interview: Robert Brusca on the Federal Open Market Committee
Powell won’t hit the two percent target, but he won’t change the target either.
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Jun 10, 20249 min read
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
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Oct 24, 20235 min read
Terminal Rates & Conflicted Economists
The cult of ever falling interest rates goes back 50 years and spans the terms of Fed chairs back to Alan Greenspan and Paul Volcker...
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Nov 2, 20226 min read
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