Steven Kelly on the Silicon Valley Bank Collapse and Its Implications for Financial Policy
Macro Musings with David Beckworth
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The Fed Is Effectively Doing Unsecured Lending, Right?
The Fed's legal mandate, especially with 13.3, is that it does not expect losses ex ante. And so there's really no reason to expect loss if you're the Fed. But I don't think the Fed needs to think about this as unsecured. It looks like a loan against underwater collateral, but they're going to get paid back.
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