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Weekly Fed Report Still Drives Discount Window Stigma
2020 changes weren't a permanent solution
 • 
Steven Kelly

February 2024

Can the Treasury Kill the Basis Trade?
(Gently, of course)
 • 
Steven Kelly
14
The 2023 Banking Crisis Was Not a "Social-Media-Driven Run"
Twitter has enough problems; don't blame it for a banking crisis
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Steven Kelly

January 2024

The BTFP and Fed Lending When Rates are Volatile
It’s a big balance sheet world out there
 • 
Steven Kelly
The Fed Has the Discount Window, But the FHLBs Have Discounts
FHLB borrowing pays dividends. Literally.
 • 
Steven Kelly
Does Private Credit Really Reduce Systemic Risk?
If you squint
 • 
Steven Kelly
4

October 2023

September 2023

UPDATE: New evidence on "Is the Fed Financing the FDIC?"
A new submission to the congressional record suggests more FDIC liquidity being sourced from the Fed
 • 
Steven Kelly
Is the Fed Financing the FDIC?
Maybe casually
 • 
Steven Kelly

August 2023

SVB and bank capital, revisited
Bank capital matters too much to be left to a ratio — Via FTAV
 • 
Steven Kelly

July 2023

Where Was the Last Place You Saw the Deposits?
Some deposits got pulled, most just disappeared
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Steven Kelly
The Macro Story of SVB Isn't Just About the Fed
SVB: if not them, then who?
 • 
Steven Kelly
© 2024 Steven Kelly
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