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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


The Fed & GSEs: Questions Asked and Unanswered in Washington
In the strange world of Washington, speaking truth in public is a capital crime. Truth is often revealed accidentally.
R. Christopher Whalen
Jan 237 min read
539 views


Goldman Sachs Fails Fed Stress Test
Notice that the Fed stress test is silent on trillions of dollars in mark-to-market losses facing US banks from COVID-era securities
R. Christopher Whalen
Jul 7, 202410 min read
3,192 views


Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...
R. Christopher Whalen
Mar 19, 20247 min read
586 views


Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank
Q: What do Silicon Valley Bank, First Republic Bank, Signature Bank and New York Community Bank have in common? Auditor, KPMG.
R. Christopher Whalen
Feb 4, 202410 min read
2,617 views


Interview: Bill Kennedy of RiskBridge Advisors
Volatility remains perhaps the biggest risk factor today, mostly because of a lack of visibility on unexpected risks.
R. Christopher Whalen
Jan 24, 20249 min read
804 views


Is the Fed Insolvent? Does it Matter?
The real question is not whether the FOMC can get inflation down to the 2% target but whether it can keep asset prices rising indefinitely
R. Christopher Whalen
Dec 11, 20236 min read
1,246 views


Jackson Hole and the Volatility of Credit
Central bankers cannot quantify any of the key benchmarks of current monetary policy beyond metaphors about stars and clouds
R. Christopher Whalen
Aug 27, 20237 min read
1,467 views


Powell's Duration Trap, Banks and the US Treasury
The Fed by definition cannot make a profit and is always an expense to the Treasury, thus operating losses are a expense to the taxpayer
R. Christopher Whalen
Apr 9, 202312 min read
4,243 views

Will We See Double-Digit Residential Mortgage Rates -- Again?
As the FOMC moves short-term rates towards 6%, we expect to take another run at double-digit rates for prime residential mortgage loans.
R. Christopher Whalen
Feb 16, 20235 min read
1,427 views


Is JPMorgan Chase Insolvent?
The US banking industry has been rendered insolvent by the Federal Open Market Committee
R. Christopher Whalen
Nov 28, 20226 min read
8,053 views


AOCI: The Winter of Quantitative Easing
Little attention is being paid to the collateral damage being done by the FOMC to the debt capital markets
R. Christopher Whalen
Oct 24, 20223 min read
781 views


Questions for Chairman Powell
QE has created a gigantic interest rate mismatch across markets for banks, non-banks and other financial intermediaries including the GSEs
R. Christopher Whalen
Jul 24, 20226 min read
505 views

Should the FOMC Pause Rate Hikes After July?
The real message to the FOMC is this: hike another 75bp in July and then let the Fed funds target sit for a few meetings...
R. Christopher Whalen
Jul 21, 20225 min read
603 views


Chairman Powell's Duration Problem
Chairman Powell’s demeanor during the press conference when he spoke with Mike McKee suggests a man who knows he has a problem.
R. Christopher Whalen
May 8, 20228 min read
931 views


Interest Rates, Credit and MSRs
Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.
R. Christopher Whalen
May 4, 20225 min read
498 views


Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
R. Christopher Whalen
Apr 11, 20225 min read
493 views


QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
R. Christopher Whalen
Mar 15, 20225 min read
862 views

Powell, Yellen, Bernanke and Post-QE Deflation
The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury
R. Christopher Whalen
Jan 21, 20225 min read
789 views

As the Fed Ends QE, Stocks and Crypto Will Retreat
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.
R. Christopher Whalen
Nov 15, 20214 min read
1,148 views

Three Questions for Chairman Powell
Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.
R. Christopher Whalen
Oct 25, 20216 min read
671 views
Christopher Whalen
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