While failing to do anything about it, global officials have at least made commendable headway in compiling and monitoring financial excess.
Doug Noland
It’s Back
The bond market has reason to gaze around the table and wonder who’s the sucker.
Everywhere and Leverage
“Since the above channels are well known, I would like to focus today on a more novel set of potential financial stress amplification channels, related to some NBFIs’ heavy reliance on leverage and (on- and off-balance sheet) short-term dollar funding.”