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5min chapter
Higher For Longer | Robert Kaplan, Former Dallas Fed President & CEO
Forward Guidance
The Fed's Raise of Interest Rates
When rates were at zero and was clear the Fed was aggressively buying bonds. Certain banks not all but certain banks decided to buy triple A treasuries and double A mortgage back securities, creating an asset liability mismatch. There's no textbook for how to slam on your brakes. It's unpredictable. Things get broken. Surprising things happen. And so we've lost bank capital in a pre downturn credit cycle. We're going into what may be a slowdown with a lot of less capital than we thought three or four months ago that is really unfortunate.
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