Steven Kelly

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…

Winters’s presentation “said AI can reduce the manual work involved in making sure the bank abides by changing regulations—a mammoth task for financial institutions since the 2008-9 crisis.”

“A few participants commented on the possibility that the Committee could consider extending the terms of swap lines beyond one year, noting that a longer extension would be beneficial for financial stability.”

@mdc Lfggggg

coming soon!

“Many primary dealers indicated […] their willingness to use SRPs would increase meaningfully if SRP transactions were centrally cleared. Respondents also noted that the legally required two-year lagged public disclosure of SRP transactions was a strongly discouraging factor.”

For researchers interested in U.S. banking and finance, we are sharing a new data resource! It contains information on bank balance sheets, bank runs, and bank failures from the 19th century to the present:

FDIC staff have painstakingly reconstructed the daily deposit outflow data for the runs on SVB, Signature, and First Republic. Great insights from my colleagues here: fdic.gov/center-financi…

“I lost a lot of cushions — there is no fudging,” said Sandy Kaul, head of innovation at investment giant Franklin Templeton. “It’s written into the code. I can’t call someone up and say I need five more minutes.”

@khaslett Right?? Would love to have a similar document for ‘08

@StevenKelly49 They had all the fun without us 🥲 Also crazy this document exists? TWO exclamation points?!

Here’s how one former bank employee managed to help the FDIC repo a jet in 1976: “I’m not really with the Kingston Trio. I’m with the FDIC.”

@khaslett We truly were born too late

@StevenKelly49 The shit you could pull in the 1970s

From this collection of stories: fdic.gov/resources/publ…

Me when somewhere that serves espresso says they can't do an americano: youtube.com/watch?v=hdIXrF…

@JoeWeisenthalt Anyone who says hegemony 🚩🚩🚩

@rachsieg Congrats Rachel!

Some news!! So, so excited to join @CNN next month for this dream job — and with enormous gratitude for almost nine years at the @washingtonpost. ❤️❤️❤️

“some of the funds have opted to sell bonds with shorter maturities to help alleviate their interest burdens”

Cooking up some all-beef Dodd-franks

@WilliamCohan Preordered!!

I'm very excited to announce the September 8 publication of my new book about Leon Black and @apolloglobal. Only three years in the making and it's a barn burner, with a variety of on-the-record interviews with all the principals and more. I hope you will enjoy!

Great New York Fed survey article from Sergio Correia, Stephan Luck, and @EmilVerner, who are on an absolute tear of great research: “Bank Failures: The Roles of Solvency and Liquidity” libertystreeteconomics.newyorkfed.org/2026/04/bank-f…

@rennyzucker That’s the point :)

Demand deposits and impaired private credit are totally the same thing