“What Did the Last Four Years Teach Us about Managing Inflation?”

A Yale Insights interview with YPFS’s Bill English, former Director of Monetary Affairs at the Federal Reserve: insights.som.yale.edu/insights/what-…

Our Master's in Systemic Risk students greatly enjoyed the opportunity to sit down with European Central Bank President Christine Christine Lagarde and hear her insights! We're exceptionally grateful to President Lagarde for prioritizing our financial stability students.

Truly an excellent discussion!

'Putting the Lender of Last Resort at the Center of Financial Stability'

Andrew Metrick & Sir Paul Tucker discuss how the Banking Crisis of 2023 reinforced the case for banks to preposition at central banks—& how that could transform financial stability:
yale.hosted.panopto.com/Panopto/Pages/…

New rules will aim to require banks to preposition collateral at the Fed’s discount window.

The proposal could require larger banks to be ready to borrow the equivalent of a significant portion of their uninsured deposits, perhaps around 40% wsj.com/finance/regula…

“A Century-Old Lending Lifeline for Troubled Banks Has a Major Flaw. The Fed Wants to Fix It.”

From Andrew Ackerman: wsj.com/finance/regula…

Can and should!

'The Relationship Between Stock Prices and Bank Health, Tokenization’s Disruptive Potential, and Lots of FHLB Talk'

YPFS's Steven Kelly joins the Fintech Takes: Bank Nerd Corner podcast with Alex Johnson and Kiah Lau Haslett is a bank reporter (she/her): open.spotify.com/episode/36OqSd…

New note out: 'Weekly Fed Report Still Drives Discount Window Stigma'

A discount window loan is supposed to be a secret for two years, but a Fed publication risks 'outing' use of the discount window by a big bank within a *week*:
som.yale.edu/story/2024/wee…

New article from YPFS Executive Fellow Susan McLaughlin assesses the outcomes of the Fed's 2003 redesign of the discount window:

'Discount Window Stigma: What’s Design Got To Do With It?'
som.yale.edu/story/2024/dis…

OUT NOW in the Journal of Financial Crises: 6 new 'Lessons Learned' interviews with former crisis fighters—National Bank of Hungary's Ádám Balog, Ádám Banai, Péter Ákos Bod, & Júlia Király; Til Schuermann of FRBNY; and Andrew Williams of the US Treasury⬇️
elischolar.library.yale.edu/journal-of-fin…

Check out the latest issue of the Journal of Financial Crises!!

The newly published issue includes *19* case studies of bank resolution/restructuring in Europe (both before and after BRRD adoption): elischolar.library.yale.edu/journal-of-fin…

PODCAST: Listen to YPFS's Bill English answer the question of what central bankers learned from responding to the post-pandemic inflation.

Tim Phillips interviews for VoxEU:
cepr.org/multimedia/mon…

There's a disconnect between Fed officials who using the discount window, and the way the law makes such borrowing difficult.

Instead, regulations and lending tools need to work in tandem, Yale Program on Financial Stability Executive Fellow Susan McLaughlin says.

brookings.edu/articles/how-t…

'How to fix what ails the Fed’s discount window'

From David Wessel: brookings.edu/articles/how-t…

MARCH 12: Andrew Metrick of Yale Program on Financial Stability & Cornelia Holthausen of @ECB join Nicolas Veron on #PIIEFinancialStatements to discuss the prospects for reform of emergency liquidity assistance to banks in the US.
Register: …rinternationaleconomics.formtitan.com/ftproject/even…

Speed & discretion are key to any bank deals these days, and PE offers both:

“With private deals, you can talk for a while,' an advisor to the NYCB raise told me. 'We almost got to the finish line before there was any publicity...”

Watch & read 👇

cnbc.com/2024/03/06/nyc…