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The Fed's $3 Trillion Problem | Maroon Macro & Joseph Wang
Forward Guidance
The Importance of Balance Sheet Capacity
Our next topic is a deep dive on balance sheet capacity, which is so complicated that I really should just hand the reins over to you. Maroon macro, how do things like the SLR, RWA, differential accounting guidelines between netable and non-netable transactions, var limits, haircuts, collateral velocity, IMVM requirements, etc. influence the ability of financial institutions to construct their balance sheets? Nicholas Glinsman says for this time around for quantitative tightening, we have substantially less liquid bond market. The video will air tomorrow on Blockworks, Mac, Joe, and I filmed it about a week and a half ago.
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