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Higher For Longer | Robert Kaplan, Former Dallas Fed President & CEO
Forward Guidance
The Effect of the Fed's Bond Buyout on Banking Stocks
Banks expanded their balance sheets when interest rates were so low. Now interest rates are much higher they could be making loans, but they're just not able to make as many loans. Silicon Valley Bank started to have some deposit declines to where they needed to sell some of these whole the maturity assets to create liquidity. When they did that they had to recognize the losses and then everybody woke up to the fact that oh my lord, who else has this kind of mismatch? Most public banks are trading for less than book value.
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