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Last week, Lael Brainard gave an important speech on financial stability. In effect, she said the Fed is likely to require increased capital buffers in the future. The key to if and when is in how large mitigating factors are in keeping…

The next phase in Italian politics has not been much of a market factor. Expect this phase to endure as the formation of a government should take a long time.

Now that the Trump tax cuts have been passed and US companies have had the opportunity to incorporate the changes into their projections, we are starting to see big payoffs, particularly for banks. This development is supportive of further…

This is a thought piece. And so it’s going to be relatively) brief since I haven’t fleshed out all of my ideas here. But I want to run something by you based on a piece Matt Klein wrote over at FT Alphaville on macro policy. Let me point to…

I think I have the answer to at least one question: why was the Fed talking to big money investors in the first place. My thoughts follow below.

This week all eyes will be on the Fed because of its expected interest rate hike and the messaging that will accompany its policy decision. But credit markets should also be focused elsewhere, because credit growth has been decelerating…

For years, many Fed watchers have claimed that the Federal Reserve has a secret third mandate beyond inflation and full employment. And this past February 21st, for the first time a Fed President said directly that, indeed, the Fed does…

While most analysts have been focused on credit growth which has re-emerged after the sovereign debt crisis, cross border inter-bank lending has decreased, fragmenting the euro zone along national lines. In a crisis scenario, one should…

The unexpected ‘Leave’ victory in the recent referendum on EU membership introduces considerable political risk by elevating tail risk scenarios to reasonable worst case status. However, in a global economy that is already slow and already…