Dismal's Smacks

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📈 Macroeconomics

Inflation Alert! Fed Governor Philip N. Jefferson: "if you are willing to widen your lens to include a more commonplace definition, then it is possible to conclude that current monetary policy is, in fact, "on track.""

"The bad news is that there has been little progress on core inflation." https://www.federalreserve.gov/newsevents/speech/jefferson20230512a.htm On the Assessment of Current Monetary Policy Governor Philip N. Jefferson At the "How to Get Back on Track: A Policy Conference," Hoover Institution, Stanford,

$13 billion withdrawn commercial banks in the last week (April 27th-May 3rd). Since 2/22/2023, $540billion in deposits have been pulled. $1,008 billion in deposits has been pulled in the last year. It looks like the Bank run is back on

https://fred.stlouisfed.org/series/DPSACBW027SBOG Domestically chartered commercial banks divested $87 billion in assets to nonbank institutions in the week ending March 29, 2023. The major asset item affected was the following: securities, $87 billion. Domestically chartered commercial banks divested $87 billion in assets to nonbank institutions in the

U.S. Economy in a Snapshot - Overview of the May 2023 Snapshot: GDP growth slowed to a moderate pace in Q1, Consumer spending moderated in March and the personal saving rate increased, Core CPI inflation over the year was little changed in April

Overview of the May 2023 Snapshot: GDP growth slowed to a moderate pace in Q1, Consumer spending moderated in March and the personal saving rate increased, Core CPI inflation over the year was little changed in April, payroll growth up, unemployment rate fell. Source: https://www.newyorkfed.org/medialibrary/media/

Inflation Alert! Fed's Michelle Bowman: "In my view, the most recent CPI and employment reports have not provided consistent evidence that inflation is on a downward path"

"Calls for radical reform of the bank regulatory framework are incompatible with the fundamental strength of the banking system" The Evolving Nature of Banking, Bank Culture, and Bank Runs Governor Michelle W. Bowman At the 21st Annual Symposium on Building the Financial System of the 21st Century: An

FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination of approximately $15.8 billion. It is estimated that a total of 113 banking organizations would be subject to the special assessment.

Press Release: The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act)

Federal Reserve Governor Christopher J. Waller: "Fundamentally, financial stress emerges when someone is owed something and doesn't get paid back or becomes worried they won't be paid back."

https://www.federalreserve.gov/newsevents/speech/waller20230511a.htm TLDRS: * "Fundamentally, financial stress emerges when someone is owed something and doesn't get paid back or becomes worried they won't be paid back." * "The implication is that risks to financial stability have a couple of

Bank Funding during the Current Monetary Policy Tightening Cycle: Banks Have Replaced Deposit Funding with Other Borrowing (FHLB, Primary Credit, BTFP).

Bank Funding during the Current Monetary Policy Tightening Cycle Stephan Luck, Matthew Plosser, and Josh Younger https://libertystreeteconomics.newyorkfed.org/2023/05/bank-funding-during-the-current-monetary-policy-tightening-cycle/ Trends in Aggregate Deposits and Borrowings We begin by describing the cumulative change in bank deposit funding and other sources of bank borrowing since the start of