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3min chapter
Europe's takeaway from recent banking turmoil
The Sound of Economics
The Fed's Failure to Take Action on Interest Rate Risk
The situation in Europe is very different than in the US. The bigger question to me, which remains in my view very much unresolved, is what happened at the Fed. We had kind of textbook case of interest rate risk exposure as a liability mismatch at say, Convali Bank. This was apparently identified by the Fed according to testimony of Michael Barr and Martin Greenberg earlier this month. But the Fed didn't take action. And to me, that remains a bit inexplicable.
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