Moyeen Islam

I’m that old I can remember DB buying Morgan Grenfell

Yeah agree. it would reduce stigma and the need to hoard reserves. Would be quite straightforward to implement in the EA as banks already have a collateral pool at ECB.

Remarks: A Reset on Liquidity Regulation As Prepared By: Secretary Scott BessentAs Delivered By: Under Secretary for Domestic Finance Jonathan McKernanThe Regulatory ResetGood afternoon, it is great to be here.Let me begin by thanking Hal Sc...

But this concentrates on core liquidity in govies. So how the Warsh Fed will address this is an interesting question. I didn’t see a lot of discussion over this speech which was pretty interesting

home.treasury.gov/news/press-r...

Contingent Non-Bank Financial Institution Repo Facility (CNRF) This page provides information about the CNRF and contains links to all relevant documentation so that eligible non-bank financial institutions (NBFIs) can apply

Hence why the BOE did this

www.bankofengland.co.uk/markets/bank...

In the end it all comes down reliquifying impaired collateral - central banks don’t face PE so so they need intermediation for the liquidity injection be effective. In an environment where balance sheet would be withdrawn at pace, it is a real problem.

It doesn’t have to sell its loans in the open market. You’ll find out about the problems in the old fashioned way. Slowly, as they can’t refinance.

Bear Stearns March -> Lehmans Sept

This. THIS. 1000 TIMES THIS.

ECB's Villeroy: I do not see a reason today why ECB should raise interest rates

Was he registered as an Alan Carr lookalike?

IPSO have published their verdict on The Daily Telegraph’s fake £345,000-a year banker couple who claimed they couldn’t afford five holidays.

The paper declined to explain to the watchdog how the article came to be published - but our reporting at the time sets it out…

This is Pret A Manger, sir.

Share a TV show you never get tired of rewatching

Elite content

You misspelt “immigrant”.

Monetising delta and getting crushed by gamma is a helluva drug

Brilliant thread utterly debunking Reform cry baby rhetoric around Gorton & Denton by-election, huzzah Emma!

That ship sailed a long, long time ago, sir.

Muslim voters being monstered during Ramadhan. 🙄

BRB just googling “useful idiot” for them

War Powers Resolution - Wikipedia

en.wikipedia.org/wiki/War_Pow...

OVER AND OVER HOT CHIP

20

Hats off to the haters. They really nailed it.

Everyone has their own way of looking at it. That’s generally the framework that I work with. But many will just look at “rates to explain rates“ so you’re looking more at RV dislocation.

My real issue with the Bank is that it allowed front end rate expectations to become completely deanchored - high level of GBP gamma relative to other markets was a reflection of deterioration in policy credibility

Changes in CAPB are the only clean measure of changing fiscal stance. Even more brutally, cash is king so how much money you are raising a from the market in any given year matters within a term premium framework where the varying factor is not neutral rate expectations.

Default for a DM is different to default for a corporate. Higher inflation, institutional changes or changing policy targets all are effectively forms of default. We just don’t call them.

Sympathetic to the argument but needs to recognise that neutral rates are different across economies and that drives some of the difference in yields. Successive governments have taken windfall and use them to fund tax cuts or current spending rather than do anything responsible…..