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The Basel III Endgame: Bank Regulation In A Post-SVB World | Steven Kelly
Forward Guidance
Cutting Interest Rates in Response to a Credit Crunch
I think they need to start being more clear about this because they really have talked about what they call separation principle. Once you're in COVID, cutting interest rates doesn't do you any good. The moment it becomes a toxic asset, the Fed's too late. So again, that's why it's more of a slow moving credit crunch type risk than an overnight financial crisis risk. I mean, so much of the real estate story of 2008 wasn't just house prices go down,. And now all of a sudden we're worried about the entire repo market and the entire commercial paper market as well.
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