Bank Liquidity & Quantitative Tightening (QT)
A "normal" level for US bank deposits would be closer to $15 trillion than $19.9 trillion today.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Apr 26, 20226 min read
Deflation, Not Inflation, is the Threat
Xi Jinping in China and Putin in Russia have turned their backs on the global economy to retain power
1,155 views
R. Christopher Whalen
Apr 20, 20225 min read
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
547 views
R. Christopher Whalen
Mar 31, 20225 min read
Why the FOMC Cannot Sell its Mortgage Bonds
With MBS prices falling, the FOMC may have to accept the natural runoff rate for the MBS in the SOMA for many years to come
3,518 views
R. Christopher Whalen
Jan 6, 20225 min read
Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
541 views
R. Christopher Whalen
Dec 16, 20216 min read
The End of Money Market Funds
The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.
974 views
R. Christopher Whalen
Oct 6, 20215 min read
Powell Reappointment Still Likely
Amidst the yelling and screaming of Elizabeth Warren, we suspect that Jay Powell will survive the crisis
416 views
R. Christopher Whalen
Sep 13, 20217 min read
Debt Ceilings & Interest Rate Floors
When Treasury market yields trade and stay negative, look for the Federal Reserve Board to come to the rescue of MM funds and banks.
841 views
R. Christopher Whalen
Jul 6, 20216 min read
Jay Powell Defends the Lower Bound
We anticipate a shift in deposits out of banks and into the Fed that could further complicate liquidity in Q3 2021.
623 views
Christopher Whalen
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