Dismal's Smacks

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Fed Staff Staff Economic Outlook 3/21/23: "Given their assessment of the potential economic effects of the recent banking-sector developments, the staff's projection at the time of the March meeting included a mild recession starting later this year"

Good evening Superstonk, jellyfish back with you! The FOMC minutes dropped a doozie of a quote today. In light of that, I thought it would be interesting to review what folks have been saying and doing since this meeting occurred last month. Let's get to it! 3/21/

FDIC Alert! Vice Chairman Travis Hill in speech: "They say that central banks raise rates until something breaks, and that monetary policy works less like a scalpel and more like a sledgehammer."

"As the tide goes out, and the punchbowl gets pulled away, margin of error shrinks across the board." Recent Bank Failures and the Path Ahead by Travis Hill, Vice Chairman Federal Deposit Insurance Corporation https://www.fdic.gov/about/travis-hill Source: https://www.fdic.gov/news/speeches/2023/

Federal Reserve Alert! Minutes of the Federal Open Market Committee March 21–22, 2023

Source: https://www.federalreserve.gov/monetarypolicy/fomcminutes20230322.htm Recent Developments in the Banking Sector: * Before turning to other agenda items, the Chair asked the Vice Chair for Supervision to provide an update on recent developments in the banking sector. * The Vice Chair for Supervision described the developments, including those at

Swiss Parliament Rejects $129.82 Billion Aid For Credit Suisse-UBS Merger. While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday.

Source: https://www.ndtv.com/world-news/swiss-parliament-rejects-129-82-billion-aid-for-credit-suisse-ubs-merger-3943095 Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. While

SEC Alert! Notice of semiannual regulatory agenda: an opportunity to COMMENT on the Regulatory Flexibility Agenda for Spring 2023 on the priorities of the Chair of the U.S. Securities and Exchange Commission.

Source: https://www.sec.gov/rules/other/2023/33-11178.pdf About the Unified Agenda: The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires that agencies publish semiannual regulatory flexibility agendas in the Federal Register identifying those rules that may have a significant economic impact on a substantial

The power of DRS and "Idiosyncratic Factors" increases the pain for short sellers and settlement fails in corporate securities. As a fraction of trading volume, fails that involve primary dealers reached an all-time high in the week of March 23, 2022

Good morning, I saw sdfprwggv's post this morning: DRS increases the pain for short sellers: The number of GameStop directly registered shares increases the minimum floor for the borrow rate. Source borrow fee: https://chartexchange.com/symbol/nyse-gme/borrow-fee/ DRS Numbers from Gamestop quarter fillings. This reminded me

Federal Reserve Alert! "In the interest of further strengthening transparency and accountability, the 12 Reserve Banks have agreed to adopt a common policy for public requests for information and expect to implement this policy by the end of this year."

Source: https://www.newyorkfed.org/newsevents/statements/2023/0324-2023 * The Federal Reserve Banks are committed to transparency and accountability and each Reserve Bank has existing procedures for providing information to the public. * In the interest of further strengthening transparency and accountability, the 12 Reserve Banks have agreed to adopt a