#recession #money #recession2023 #money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #collateral #repo #yieldcurve
We've been getting major collateral warnings from all over the place recently. Financial collateral is the lifeblood of the global monetary system. That makes it incredibly important yet few have ever stopped to ponder how it all works and fits together; including central bankers. Collateral sufficiency means everything but it doesn't necessarily mean supply of Treasuries. Vastly more important is the circulation - the reusing - of all kinds of collateral. In this video, we're going to examine why that is starting from what it means.
Eurodollar University's Money & Macro Analysis
Governor Jeremy C. Stein
Overheating in Credit Markets: Origins, Measurement, and Policy Responses
https://www.federalreserve.gov/newsevents/speech/stein20130207a.htm
JP Morgan Chase Q2 '23 10-Q
https://www.sec.gov/Archives/edgar/data/19617/000001961723000432/jpm-20230630.htm
IOSCO/CPSS: SECURITIES LENDING TRANSACTIONS: MARKET DEVELOPMENT AND IMPLICATIONS
https://www.iosco.org/library/pubdocs/pdf/IOSCOPD96.pdf
FRBNY Guide to FR2004 Settlement Fails Data
https://www.newyorkfed.org/markets/pridealers_failsprimer.html
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
RealClearMarkets Essays: https://bit.ly/38tL5a7