Hints and tips:
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...The former is a near-term likelihood in China, however, and not implausible in the US as the Federal Reserve winds down quantitative tightening....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...Separately, Chicago Fed president Austan Goolsbee will be in conversation with former Indian central bank governor Raghuram Rajan at a conference in Chicago....
...That the Fed’s rate increases precipitated a banking crisis before they got inflation down to even vaguely near their target looks like a good example of what Akinci et al were arguing last year....
...Even if the Federal Reserve starts cutting rates as expected, it will still trim small-cap earnings by 24 per cent, according to BofA’s Jill Carey Hall....
...More recently, the Bank of England, the Bank for International Settlement, and the Federal Reserve itself have all highlighted how Treasury bonds/futures arbitrage strategies have been staging a comeback...
...Given how volatile the data was during Covid-19, Williams et al suspended their estimates until May....
...And Federal Reserve chair Jay Powell makes much the same argument. They didn’t see that Covid had itself reduced the likelihood of a large return of labour....
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London today. Check back here for details and reaction....
...strikes, car and credit card loan delinquencies, et al)....
...According to Jonathan Rose, a historian at the Federal Reserve Bank of Chicago, rapid electronic withdrawals were an issue as early as the run on Continental Illinois in 1984....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...So, you know, one of the big kind of expectations running into this year, and it already feels silly looking back on it, is that we were gonna get six rate cuts from the Federal Reserve in 2024 — without...
...Their balance sheets are regularly scrutinised by the Federal Reserve, among others, and their risk profiles are closely monitored....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...An aggressive series of interest rate rises by the Federal Reserve and European Central Bank had also helped to lower demand and reduce inflationary pressures....
...That global macroeconomic movements this year have been in large part due to the United States Federal Reserve is so obvious that this paragraph is pointless....
...In each episode, disruptions in dollar funding markets led to an extraordinary policy response in the form of central bank swap lines, whereby the Federal Reserve channelled US dollars to key central banks...
...Instead, the Federal Reserve unveiled a new lending facility giving banks access to emergency funds to honour deposit requests, should they need it....
...And for all the flaws of the current approach to equity and inclusion, Edmans et al say it does seem to be bearing some fruit: the average DEI score from their calculations has risen from 4.1 out of 5 in...
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London time today. Check back here for details and reaction....
..., head of US rates strategy at Bank of America....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
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