logo
episode-header-image
Apr 2023
45m 51s

Here Are the Signs of a Slow-Moving Cred...

bloomberg
About this episode

The big headlines from March's banking crisis have receded and balances at some of the Federal Reserve's emergency lending facilities, like the discount window, are starting to fall. But if you look closely, there are still signs of strain in the depths of the financial system. And of course, there are still plenty of worries about whether deposit outflows from banks will lead to a broader credit crunch that could tip the US economy into recession. On this episode of the Odd Lots podcast, we speak to Ben Emons, senior portfolio manager at NewEdge Wealth and a longtime portfolio manager at Pimco, about what the banking drama means for everything from US mortgage rates to the vast "repo" market that's often described as the plumbing of the financial system.

See omnystudio.com/listener for privacy information.

Up next
Today
Lev Menand on Trump's Attempt to Fire the Fed's Lisa Cook
Criticism and threats to Federal Reserve independence have been building for some time in this administration. But it was taken to a new height on August 25, when Trump posted that he intended to fire Fed Governor Lisa Cook, a Biden appointee. According to our guest, Columbia Law ... Show More
28m 41s
Today
Adam Posen on a Surreal Jackson Hole in a Post-American World
The annual Jackson Hole symposium is, formally speaking, an academic conference. Economists and central bankers gather to discuss the most important, cutting edge ideas in monetary policy. But there was certainly a different feel this year because of the relentless attacks on Fed ... Show More
57m 41s
Yesterday
Tom Barkin on Why Central Banking Is on Hard Mode Now
According to Richmond Federal Reserve Bank President Tom Barkin, much of the time central banking is straightforward. Sometimes it's clear that rate cuts are needed. Sometimes it's clear that rate hikes are needed. Other times everything is going great, and central bankers don't ... Show More
28m 45s
Recommended Episodes
Mar 2023
The Huge Significance of Small Banks
Torsten Slok had been firmly in the “no landing” camp of economists. More positive than a “soft landing,” its adherents say the Federal Reserve will tame inflation without triggering a recession at all. But for Slok, chief economist of Apollo Global Management, that all changed w ... Show More
39m 43s
Oct 2023
Mortgage Bonds Blow Up; Banks Feel Regulatory Heat
The $8 trillion mortgage-bond market plunged to levels rarely seen since the global financial crisis as Treasury yields surged. To analyze why and what’s next, we’re joined by Christopher Maloney, mortgage strategist at BOK Financial Capital Markets, and Bloomberg News reporter S ... Show More
37m 45s
Mar 2023
Money Talks: Discredit Suisse
Few would have predicted that the demise of Silicon Valley Bank, a niche Californian lender, would be followed by the failure of Credit Suisse. But on March 19 the banking crisis reached Zurich, where regulators brokered a fire sale that saw the ailing 167-year-old bank sold to r ... Show More
46m 18s
Mar 2023
Mike Wilson: The Risk of a Credit Crunch
As markets look to recent bank failures, how are valuations for both stocks and bonds likely to change with this risk to growth? ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist for Morgan Stanley ... Show More
3m 55s
Mar 2023
Money Talks: Discredit Suisse
Few would have predicted that the demise of Silicon Valley Bank, a niche Californian lender, would be followed by the failure of Credit Suisse. But on March 19 the banking crisis reached Zurich, where regulators brokered a fire sale that saw the ailing 167-year-old bank sold to r ... Show More
46m 18s
Mar 2023
Why the Banking Crisis Isn’t Over Yet
In the past week, as spooked customers frantically withdrew $42 billion from Silicon Valley Bank, the U.S. government stepped in to craft a rescue operation for the failed lender.But efforts to contain the crisis have met resistance, and the fallout of the collapse has already sp ... Show More
29m 4s
Mar 2023
The Banking Crisis Is Opening a New Chapter of Capitalism
A lot has been said about the collapse of Silicon Valley Bank and Credit Suisse. But one important thing revealed by those closely scrutinized failures has largely gone unnoticed: the changing relationship between governments and banks.  Bloomberg Editor-In-Chief John Micklethwai ... Show More
28m 57s
Mar 2023
The Implosion of Silicon Valley Bank
With federal regulators planning to take over the collapsed Silicon Valley Bank, a 40-year-old institution based in California, nearly $175 billion in customer deposits will be placed under the authorities’ control.The lender’s demise is the second-largest bank failure in U.S. hi ... Show More
34m 9s
Mar 2023
What Does The Collapse of Silicon Valley Bank Mean For Your Money?
The biggest bank failure since the 2008 financial crisis is stoking fears of a larger financial meltdown across regional US banks. Silicon Valley Bank, a key lender for startups and the tech industry, collapsed last week. As regulators take over, many people around the country ar ... Show More
21m 31s
Jan 2024
Vanguard Sees Recession Risk; Dish Blowup Rattles Junk
 The US economy is at risk of tipping into recession in the second half of this year, putting pressure on corporate debt markets, says Chris Alwine, global head of credit at Vanguard. “What would precipitate that shallow recession is that corporations are just not hiring, with a ... Show More
45m 31s