The Fed's Balance Sheet Jumped $300B Last Week. Is That Inflationary?
The Breakdown
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SVB and Signature Bank - What Did We Learn?
New York Community Bank acquired the deposits of Signature Bank, excluding the $4 billion in crypto deposits. The FDIC estimate they may lose something like $1 billion to $2 billion of memory service as part of this receivership process. On S&B, I spent some time with the weekend taking a closer look. There really is a massive issues around S&B. To your point, this is not systematic. This is idiosyncratic. They had a target duration of three and a half years that they publicly announced last year. However, they monetized their hedges. So when rates go up, the hedge value increases. And then two, they were moving assets into their AFS
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