Steven Kelly
@StevenKelly49
Associate Director of Research at the Yale Program on Financial Stability (@YPFSatYale/@YaleSOM). Financial crises & how to fight them.
New paper: "Rushing to Judgement and the Banking Crisis of 2023" At the two-year anniversary of the crisis, @thejonrose and I present 7 facts that are overlooked in the standard account of the crisis: chicagofed.org/publications/w…

The last thing the US needs is a new group of banks with a hyper focus on stablecoins, crypto and startups, @PaulJDavies writes bloomberg.com/opinion/articl…
The next must-have accessory for crypto and tech bros is far less sexy than a Lamborghini — it’s a banking license. But Circle, Erebor, Ripple and others will be too tied to hyper-volatile sectors, just like Silicon Valley Bank in 2023. Via @opinion bloomberg.com/opinion/articl…
SRTs for prime brokerage. Is there no limit to the amount of fun we can have?
A Morgan Stanley and Blackstone deal shows how top US banks are expanding their use of complex risk transfer deals to offload exposure from prime brokerage divisions, freeing up cash to lend to hedge funds in pursuit of a bigger share of a booming market. on.ft.com/3Uuds0F
Elham has been on a tear lately thinking about private markets on her substack: "Put simply: in public markets, liquidity is a feature of the system. In private markets, it’s a condition of the contract. This is not just a difference in degree—it’s a difference in kind."
Read "Market Plumbing vs. Legal Scaffolding: Why Private Credit ETFs Misunderstand Liquidity" here: open.substack.com/pub/marketmicr…
The Great Bank Re-Tranche continues: "Wall Street’s Prime Brokerage Boom Lures European Rivals" bloomberg.com/news/articles/…
PNC CEO Bill Demchak on stablecoins: "Am I worried that it's somehow going to drain deposits from the system? I'm not. It's a good fear factor if we want to rile people up."
Meanwhile in who can actually make interest rates change substantially:
BREAKING: President Trump asked a group of House Republicans if he should fire Fed Chair Jerome Powell, sources say. cbsn.ws/4lZ0dRA
"But it’s not often remarked that ordinary Americans have already — and for years — been buying vast amounts of complex exposure to private equity risk. "They’ve just been doing so (without realising it) through their boring old life cover and fixed annuities."
Inside the private equity-insurance nexus on.ft.com/44qLk3n
I've never even heard of some of these countries
*TRUMP SAYS HE WILL IMPOSE 50% TARIFF ON COPPER