Claudio Borio, Robert McCauley, and Patrick McGuire solved the problem about what I will write about this week by publishing “Dollar debt in FX swaps and forwards: huge, missing and growing” as part of the Bank of International Settlements’ quarterly review (
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Large bank corporations now tend to have both traditional lending divisions as well as securities market divisions. This was not always the case…
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This article continues the previous discussion of bank net interest margins. In it, I discussed how changes in the yield curve changed the net interest…
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One of the topics that comes up whenever government bond curves re-price is the relationship between the yield curve and bank net interest margins…
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The 2-/10-year curve has reached “modern record” levels of inversion in the recent days. Although the usual interpretation of this event is that it is a…
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The ongoing collapse in cryptocurrency exchanges is attracting attention and schadenfreude. As an uninterested outside observer, all I can say is that…
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I was invited onto the MMT Podcast with Patricia Pino and Christian Reilly (thanks!): “What Is A Bond Vigilante And How Do We Get Rid Of Them?” A…
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A set of largely unconnected comments on recent events. None of them necessitate long form treatment. On the macro side, the weaker-than-expected CPI…
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