The Institutional Risk Analyst

Soaring Fiscal Deficits, Military Parades and Irrelevant Bank Stress Tests

Imagine if the Fed had to tell the public that federal deficits were bad for bank safety and soundness? We haven't had a Fed chairman since Arthur Burns who would speak publicly about the inflationary aspect of federal deficits.

Jul 56 min read

Silicon Valley and the Large Bank Dead Pool

When you see a bank with more than 10% of total assets in MBS, that's a big red flag in our book.

Mar 97 min read

The Powell Hedge Fund Drives Private Market Instability

In 2019, the FOMC essentially nationalized the US money markets, eliminating private price discovery for a representation of a market.

Aug 12, 20247 min read

The Moral Hazard of Jerome Powell

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

Nov 27, 20236 min read

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

Sep 18, 20229 min read