(USTs are HIGHER and the curve 'modestly flatter' on above average volumes)while WE slept; large short base meet '4pm is the new 3pm' (Oprah, Uma. Uma. Oprah...)
(USTs are HIGHER and the curve 'modestly flatter' on above average volumes)while WE slept; large short base meet '4pm is the new 3pm' (Oprah, Uma. Uma. Oprah...)
Good morning … yesterday’s 7yr auction was both good and bad as ZH notes, Mediocre, Tailing 7Y Auction Sees Solid Foreign Demand … The internals were also average, with Indirects (foreign buyers) awarded 64.11%, above the 63.2% in March but below the recent average of 66.5% …
was both germane and a tad confessional. The bank interest-rate risk 'problem' is more sticky than the Markets recent distraction with the ability of eight, mostly monopolies in the $SPX, to extract rents from the rest of the economy seams to imply. He 'links' to,
Pangs of Conscience for Mr. Levine? IDK, but, before I mounted my moral warhorse and sallied forth against the injustices built into The System I figured I'd better make sure my BXSL holding didn't have IntraFI on it's 'watch list' of loans performing below expectations or, heaven forbid, gone non-accrual rouge. By the time I was done CYA'ing with squire EDGAR, the old nag had wandered off, and we'd both lost our enthusiasm for another righteous campaign. In hindsight, I suppose it was foolish of me to worry about anyone finding IntraFI's fingerprints on Blackstone's publicly traded BXSL. That would of been an amateur move to leave that sort Wall Street prized linkage directly to The Regulators lying about in the open. What can I say? I've been told a loss hurts twice as much as gain feels good.
Anyway, it is probably Zero surprise to BondBeatists, but, it was only recently I became aware of how far back the "banking crisis" disputes "in US history" over whether to offer deposit protection or not goes. Like everything that powerful vested political and economic forces take enough interest in to lobby furiously over for the better part a of century, the current misunderstandings of those without skin in the game, are more or less oblivious to what came before.
Matt Levine covering FRC and Regulatory Arbitrage,
https://www.bloomberg.com/opinion/articles/2023-04-27/first-republic-is-in-limbo
was both germane and a tad confessional. The bank interest-rate risk 'problem' is more sticky than the Markets recent distraction with the ability of eight, mostly monopolies in the $SPX, to extract rents from the rest of the economy seams to imply. He 'links' to,
https://prospect.org/power/2023-04-25-intrafi-deposit-insurance-caps-lobbying/
Pangs of Conscience for Mr. Levine? IDK, but, before I mounted my moral warhorse and sallied forth against the injustices built into The System I figured I'd better make sure my BXSL holding didn't have IntraFI on it's 'watch list' of loans performing below expectations or, heaven forbid, gone non-accrual rouge. By the time I was done CYA'ing with squire EDGAR, the old nag had wandered off, and we'd both lost our enthusiasm for another righteous campaign. In hindsight, I suppose it was foolish of me to worry about anyone finding IntraFI's fingerprints on Blackstone's publicly traded BXSL. That would of been an amateur move to leave that sort Wall Street prized linkage directly to The Regulators lying about in the open. What can I say? I've been told a loss hurts twice as much as gain feels good.
https://prospect.org/power/2023-04-18-big-tech-lobbyists-took-over-washington/
Anyway, it is probably Zero surprise to BondBeatists, but, it was only recently I became aware of how far back the "banking crisis" disputes "in US history" over whether to offer deposit protection or not goes. Like everything that powerful vested political and economic forces take enough interest in to lobby furiously over for the better part a of century, the current misunderstandings of those without skin in the game, are more or less oblivious to what came before.
(link not paywalled, as in "free") https://www.crisesnotes.com/fdr-opposed-deposit-insurance-he-isnt-the-last-word-on-the-subject/
As it was Before, so it shall be After.