Banks: The Big Picture
The Macro Trading Floor
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The Risk of a Large Move From Deposits to Money Market Funds
The risk of a large move from deposits to money market funds is much higher now than it's been historically, since it's simply just a lot easier. And then the second thing is that as soon as a couple of banks blow up, you get a lot of focus on it, and you get aAlfred Costello: We effectively have some sort of pseudo central bank digital currency in place with the overnight reverse repo facility for money market funds. The Federal Reserve is basically taking the collateral back from the system and guaranteeing its value. He says Janet Yellen admitted to that without really saying it.
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