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Michael Howell: Can The Fed Keep Raising Rates During A Banking Crisis? | Michael Howell
Forward Guidance
Shadow Banking
There's an enormous amount of demand for funding outside of strictly banks, which this is broadly referred to as the shadow banking sector. The forcing function isn't depositors leaving, it's capital calls, right? And it's more risky and less regulated. So my question to you is, are we being a little bit too myopic here about focusing on any one particular bank failure? There may be another one around the corner we don't know. But this is the peril you run at very low levels of liquidity.
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