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US banks are sitting on an estimated $650 billion in unrealized losses on their bond holdings.The surge in interest rates over the past 18 months drove bond
"If interest rates have peaked as markets are currently implying, banks could be seeing a reduction in some of these losses going forward."
Long-Term Capital Management’s collapse 25 years ago started a habit hard to break—the ‘Fed put.’
Investors gauging monetary views by watching the level of the Fed's key interest rate have their eye on the wrong ball.
The Fed has trained the trading-rats all too well, and there is no way to avoid the unintended consequences of the Fed's large-scale human behavioral experiment.