Gavyn Davies on Inflation, Asset Allocation and ChatGPT
Macro Hive Conversations With Bilal Hafeez
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The Fed's Balance Sheet and the Banking Crisis
I think we are seeing a specific shock to a quite big but not massive part of the credit mechanism. And then the second thing is that so far, the shock seems to be dampening down. Jerome Powell said last week he thought the regional banking issue had improved since the previous FOMC meeting. I do think the banking system is better capitalized, definitely in Europe than it was in 2008. With the big exception of the commercial real estate market, I don't see the dangers that became visible in 2008.
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