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Without Warning

Steven Kelly

Financial stability and cross-asset research notes, without introduction or specified cadence. Each one may be the last. Always free. By Steven Kelly - Associate Director of Research - Yale Program on Financial Stability - [email protected].

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Latest Issues

Recent posts by this newsletter. Browse the email archive.

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What Vice Chair Barr's Liquidity Speech Wasn't

Fed Vice Chair for Supervision Michael Barr gave a speech yesterday titled “Supporting Market Resilience and Financial Stability,” in which he talked about, among other things, some coming liquidity reforms from the Fed.

a month ago
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Is Private Credit 'So 2022'?

Despite what some private credit executives would have you believe, there are limits to how much bank activity can move to private credit (in private credit’s current form). You can’t recreate a 10x (or more) leveraged system funded by depo...

a month ago
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How the FDIC Sourced Crisis-Time Fed Funding Through the Failed Banks of 2023

A familiar topic for long-time readers of this site, but now with new information and the full article treatment.

2 months ago
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Authors

The writers behind this newsletter.

  • Steven Kelly

    Associate Director of Research at the Yale Program on Financial Stability. Financial crises & how to fight them. On Twitter at @StevenKelly49. Email: [email protected].

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