The Julia La Roche Show #306 Chris Whalen: Markets Running Out of Buyers, Fed Flying Blind & Setting Up for 2018-Style Repo Crisis
19 snips
Nov 15, 2025 
Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst, dives deep into the current market landscape. He highlights troubling signs reminiscent of the November 2018 crisis, with tightening liquidity and market volatility. Whalen discusses the Fed's challenges in measuring reserve availability and anticipates potential shifts in interest rates. He also analyzes Bitcoin's pullback and the pressures facing private credit, suggesting investors should reconsider their allocations in gold and other tangible assets.
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Markets Running Out Of Buyers
- Markets are running out of buyers as investors take profits after strong gains.
- Reduced hedging has left volatility measures muted even as downside risk rises.
TGA Moves Tighten Money Markets
- Treasury moves into the TGA pull cash out of bank reserves and tighten money markets.
- The Fed lacks good tools to measure where usable reserves actually sit in the system.
Look At Balance Sheet Not Just Guidance
- Don't expect Fed jawboning alone to control market reactions in stressed conditions.
- Watch balance sheet and market signals rather than relying only on forward guidance.
