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R. Christopher Whalen

Nov 18 min read

Fed Duration Trap Threatens Banks, SOMA

It’s time for the Fed to get smart on duration risk before circumstances create another money market crisis.

1,068 views

R. Christopher Whalen

Oct 78 min read

Chairman Powell Jumps the Shark

The markets got their rate cut over the past six months and now may have to give some of that back.

852 views

R. Christopher Whalen

Sep 194 min read

Powell FOMC Goes Big and Political

If President Donald Trump wins in November, he’ll be more than justified in demanding Jerome Powell’s immediate resignation.

983 views

R. Christopher Whalen

Sep 99 min read

Powell FOMC Folds on Inflation

As the federal debt rises, bank reserves must rise as well and with it inflation.

1,518 views

The Powell Hedge Fund Drives Private Market Instability

R. Christopher Whalen

Aug 127 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.

879 views

R. Christopher Whalen

Jul 710 min read

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

3,054 views

Interview: Robert Brusca on the Federal Open Market Committee

R. Christopher Whalen

Jun 109 min read

Interview: Robert Brusca on the Federal Open Market Committee

Powell won’t hit the two percent target, but he won’t change the target either.

685 views

Inflation & the Passion of Jerome Powell

R. Christopher Whalen

Mar 285 min read

Inflation & the Passion of Jerome Powell

Perhaps Chairman Powell will be kind enough to fall on his sword on way out the door to make things easier for a future Chairman Waller...

1,075 views

Should FOMC Members Avoid the Media? The WGA Top 100 Banks

R. Christopher Whalen

Mar 46 min read

Should FOMC Members Avoid the Media? The WGA Top 100 Banks

More often than not, Fed Governors use media appearances to enhance their personal celebrity rather than doing their jobs.

596 views

R. Christopher Whalen

Dec 26, 20235 min read

Higher Home Prices & Inflation in 2024

This morning, banks are buying funding from the BTFP below 4.85% and selling Fed funds at 5.5%.

1,576 views

R. Christopher Whalen

Nov 27, 20236 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.

1,733 views

Big What? Rising Debt Service & Falling Liquidity

R. Christopher Whalen

Nov 13, 20238 min read

Big What? Rising Debt Service & Falling Liquidity

As with the Volcker Rule for banks, the move to centralized clearing of Treasuries and T-1 settlement seems destined to reduce liquidity

859 views

R. Christopher Whalen

Jun 19, 20238 min read

Powell Ought to Pivot to Bond Sales

If the FOMC raises fed funds further, bank failures and perhaps even a market access crisis for the Treasury are next.

1,660 views

The False Narrative on First Republic Bank

R. Christopher Whalen

May 1, 20236 min read

The False Narrative on First Republic Bank

Until Chairman Powell comes clean with the Congress and the American people, more banks will inevitably fail.

5,205 views

R. Christopher Whalen

Apr 26, 20236 min read

Who Killed First Republic Bank?

The Treasury and Fed cannot admit fault for fear of bringing the whole house of cards crashing down.

3,340 views

Powell's Duration Trap, Banks and the US Treasury

R. Christopher Whalen

Apr 9, 202312 min read

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

4,222 views

R. Christopher Whalen

Nov 28, 20226 min read

Is JPMorgan Chase Insolvent?

The US banking industry has been rendered insolvent by the Federal Open Market Committee

8,022 views

R. Christopher Whalen

Nov 17, 20227 min read

Extension Risk Threatens US Banks

There are literally dozens of banks in the US made insolvent by the policy moves of the FOMC over the past year.

1,214 views

R. Christopher Whalen

Nov 2, 20226 min read

Terminal Rates & Conflicted Economists

The cult of ever falling interest rates goes back 50 years and spans the terms of Fed chairs back to Alan Greenspan and Paul Volcker...

701 views

R. Christopher Whalen

Oct 24, 20223 min read

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

778 views