covering the Fed for @business. formerly @washingtonpost and @wsj DC via ATL & MCO
Washington, DC
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Andrew Ackerman retweeted
6-1 vote on this with Governor Barr voting against. The first non-unanimous merger approval vote from the Fed since Governor Brainard voted against two transactions in 2020.
Here, Governor Barr would have required branch divestitures in a specific market in Kentucky.
Approval of application by Peoples Bancorp Inc.: federalreserve.gov/newsevent…
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Hugh McCulloch, the original Comptroller of the Currency and a former Treasury secretary, had a mansion in Fort Wayne Indiana that is for sale for under $1,000,000.
facebook.com/share/r/1MRZye9…
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Nice scoop here with @kjspeakstruth: Polymarket's bets on individual bank failures are raising eyebrows in DC. Some worry these markets could grow & fuel a real-world bank run. FDIC officials also wondered if internal ethics rules strong enuf.
bloomberg.com/news/articles/…
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Private equity ruining Saturday mornings for my kids
News you can use from @jaydeitcher:
Sunkist Fruit Gems, a colorful staple of synagogue celebrations, discontinued
ejewishphilanthropy.com/sunk…
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Am told former Comptroller Joseph Otting's is having his portrait unveiled today. Hope he is able to restore justice to the universe and convince Treasury to return the McCulloch painting.
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Here's a story about that: wsj.com/arts-culture/fine-ar…
(As per tradition, am told ABA again paid for its former regulator's portrait.)
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Not sure I follow the logic from Hassett: “...a lot of the people who weren’t appointed by Pres Trump are giving speeches over the last couple of days, saying we need a lot more hikes." That shows “there is still a lot work to do to restore Fed independence,” he argued.
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Barr also signals more hikes likely needed...
Future market expectations for an October rate hike jumped about 10 percentage points just before 10am this morning, to above 64%, apparently on S&P reporting business activity at a 5 year high.
reuters.com/business/us-busi…
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Future market expectations for an October rate hike jumped about 10 percentage points just before 10am this morning, to above 64%, apparently on S&P reporting business activity at a 5 year high.
reuters.com/business/us-busi…
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Starling's SVB report is now available without having to register with the consulting firm: insights.starlingtrust.com/c…
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Surprised no data here to back up the idea that the post-SVB Fed has made progress streamlining the discount window access. (How much collateral prepositioned? How many banks testing access?) No discussion of efforts to reduce stigma, either. federalreserve.gov/newsevent…
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Andrew Ackerman retweeted
I've been following the Clarity debate since I started at Bloomberg earlier this year and it became very clear very quickly, talking with Senate offices on both sides, that the one issue that would stop the bill from passing was Trump's crypto haul. New from me, @olgakharif & @antoniabmassa
The crypto industry watched with a grim foreboding as its landmark bill detonated on the Senate floor. Blame first fell on Democrats, none of whom voted to advance it. But some of the industry’s own supporters pointed elsewhere: at Trump bloomberg.com/news/articles/…
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Andrew Ackerman retweeted
MS NOW said its journalists were denied access to the White House grounds Saturday, a day after President Trump said he would ban the outlet, as well as CNN and Politico, from the site.
The president said Friday he disliked how they covered him. wapo.st/46RUEip
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This intervention seems...not to be working. At all.
Spreads on MBS to Treasurys narrowed w/FHFA's initial purchases early this year but have widened significantly since then.
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Hopefully it will be made public soon but def seems to be aimed at avoiding pointing the finger at Quarles and the 2018 de-reg bill. My sense from sources is it reaches slightly different conclusions than Barr’s report but in a way that doesn’t target him for blame (Miki states publicly that is not her aim).
Looks like there is going to be very little new in the Starling SVB report. All of the culture findings Bowman relates in her preview speech are similar to the Barr Report.
Bears out that this is just a reclamation project to excuse Trump 1.0 tailoring and de-supervison.
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Sounds like the timeline is something like this: Starling submitted its initial preliminary report in recent weeks. It's expected to be made available to the public today.
My understanding is that it runs about 500 pages and will be updated against as early as next month before it's finalized in January.
SCOOP: Fed officials knew-or should have known-up to a year in advance that Silicon Valley Bank was vulnerable to a massive run, but were paralyzed by a "miasma of committees," according to people familiar with a new draft report commissioned by Fed governor Michelle Bowman.
Rather than targeting individual leaders, the review points to a long-standing culture of inaction.
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