The SVB panic and the Fed

Video interview and graphs

I recorded this interview earlier today with Jack Farley of Blockworks macro. Thank you Jack for asking me questions about my graphs for an entire hour!

• Silicon Valley Bank: The systemic view

• Plugging the leaks: Three refinancing channels, so far

The SVB panic registers on the Fed’s balance sheet

This week, the Fed’s balance sheet expanded again, to a scale last seen in November 2022.

Last week was different

This shows weekly flows in the Fed’s balance sheet—discount window lending of over $300 billion, and BTFP lending around $12 billion.

FX swap line usage not showing up in the data yet

Overnight rate complex