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M1 lowest since 2021

Seasonally adjusted M1 (-$90.5B) (-.5%), M2 (-$29.5B) (-.1%), and currency in circulation (-$2800M) (-.1%) all dropped in October.

1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of

Reserve requirements for depository institutions

The Federal Reserve Board today announced technical details related to reserve requirements for depository institutions, which will remain zero...

Wut Mean?: * The Federal Reserve Board announced that the reserve requirements for depository institutions will remain at zero. * However, as legally required, it provided annual adjustments to the reserve requirement exemption amount and the low reserve tranche for 2024, clarifying that these do not represent a change in reserve requirements.

Gary Gensler

Gary Gensler : "I am pleased to support this rule as it fulfills Congress’s mandate to address conflicts of interests in the securitization market, a market which was at the center of the 2008 financial crisis."

Source: https://www.sec.gov/news/statement/gensler-statement-securitizations-112723 Today, the Commission adopted a rule to prohibit certain market participants in the asset-backed securities (ABS) market from taking positions against the products they help bring to market. I am pleased to support this rule as it fulfills Congress’s mandate to

Hester Peirce: "As burdensome as it would have been for the Commission and commenters to formally re-engage, the consequences of getting this rule wrong loom large enough to warrant one more round of comment. Accordingly, I dissent."

Hester Peirce: "As burdensome as it would have been for the Commission and commenters to formally re-engage, the consequences of getting this rule wrong loom large enough to warrant one more round of comment. Accordingly, I dissent."

Source: https://www.sec.gov/news/statement/peirce-statement-securitizations-112723 Although not covering as many eras as this year’s most watched concert tour,[1] this rulemaking comes close. Like its musical counterpart, a rule that is more than a decade and multiple iterations in the making should be really good.[2]

SEC Adopts Rule to Prohibit Conflicts of Interest in Certain Securitizations

SEC Adopts Rule to Prohibit Conflicts of Interest in Certain Securitizations

Details: 251 pages File Number: S7-01-23Rule Type: Final Release Number: 33-11254SEC Issue Date: Nov. 27, 2023 Effective Date: 60 days after publication in the Federal Register Fact Sheet: Press Release: The Securities and Exchange Commission today adopted Securities Act Rule 192 to implement Section 27B of the Securities Act of

FSB publishes 2023 G-SIB list

Too Big to Fail Alert! Financial Stability Board: "One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed."

Highlights: One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed. The overall number of G-SIBs therefore decreases from 30 to 29. FSB member authorities apply the following requirements to G-SIBs:

The Nonbank Shadow of Banks

New York Fed economists conclusion: "the evolution of banks and nonbanks is highly intertwined."

The Nonbank Shadow of Banks Nicola Cetorelli and Saketh Prazad Source: https://libertystreeteconomics.newyorkfed.org/2023/11/the-nonbank-shadow-of-banks/ Highlights: * "In this post, we look at the joint evolution of banks—referred to as depository institutions from here on—and nonbanks inside the organizational structure of bank holding companies (BHCs)