The Institutional Risk Analyst

As of December 31, 2025, Athene had the ability to draw up to an estimated $30.7 billion via advances, inclusive of borrowings then outstanding. But when the funding agreements are added, the total exposure to the FHLBs from APO is over $50 billion vs $74 billion in total capital and retained earnings for the FHLB system.

Kevin Hassett's comments on Federal Reserve independence may have undercut his chances for the top Fed job. President Donald Trump has observed in recent days that there are “two Kevins,” Hassett and former Fed governor Kevin Warsh, who we personally support.

Could the tether market and a small, little-known private bank in the Bahamas be the precursor of the next systemic market event in the US?