The Black Hole of Private Credit That's Swallowing the Economy
There's been a lot of talk about private credit in recent years. The market has exploded in size, and there are worries that it could be a bubble that eventually bursts and sparks disaster. But there ...
2 Sep 202454min
Adam Posen on the Dangers of Jerome Powell's 'Rifle Shot' Jackson Hole Speech
Last week at Jackson Hole, Federal Reserve Chair Jerome Powell delivered a short and powerful speech indicating that it's time for a policy pivot. The goal now, from his perspective, is to prevent fur...
30 Aug 202434min
Hyun Song Shin on How Big the Yen Carry Trade Really Is
Remember August 5th? That was the day that markets around the world plunged in historic fashion and everyone became an overnight expert on the yen carry trade. But what really is the yen carry trade? ...
29 Aug 202438min
A New Way for the Fed to Fight a Market Crisis
When the Treasury market broke in March 2020, the Federal Reserve intervened in extraordinary fashion. It purchased more than $1 trillion worth of Treasury securities in that month alone. Superficiall...
28 Aug 202434min
This Is What The Rate Cut Cycle Could Look Like
At Jackson Hole, Fed Chairman Jerome Powell gave a clear signal that the rate cut cycle is likely to start in September. But of course that just opens more questions. Will it be a 25bps cut? Will it b...
27 Aug 202426min
What It’s Like to Be a Fed President at Jackson Hole
This year’s Economic Symposium in Jackson Hole, Wyoming marked a big change for US monetary policy, with Federal Reserve Chairman Jerome Powell telegraphing the first rate cuts in potentially two year...
26 Aug 202435min
Lots More on What We Just Learned at Jackson Hole
Every year, the Federal Reserve Bank of Kansas City hosts an economic symposium in Jackson Hole, Wyoming. It’s a chance for central bankers and other policymakers to talk about issues facing the globa...
23 Aug 202420min
The Hottest Way for Banks to Get Risk Off Their Balance Sheets
Synthetic risk transfers, in which banks purchase insurance-like protection on some of their loans, is a growing market on Wall Street, with billions worth of deals made in the US last year. But of co...
22 Aug 202452min
