I've been telling people Yield Curve Control (YCC) was coming, and make no mistake, the BTFP is a version of YCC. All these bonds were trading at a discount to par and this facility prompt-up their prices to par (for a year...which can be completely extended if needed).

Janet Yellen admitted to Congress that SHE and other government officials determine which banks are systemic, and which are not. Below are the entities that paid her over $7MM in “speaking fees” before her time at Treasury. Banana Republic stuff. Originally tweeted from @EnergyCynic on Twitter

Cue the Andy Bernard meme: “Nailed it”

Good Morning

So now US banks are inflation hedged across their entire bond portfolios on their balance sheet….for free….whether they were managing that risk or not…. I wonder what “interesting” incentives will pop out of this…🤔🤔😳😳😳😳

Wen Times cover with Powell adjusting his cufflinks and a headline that reads, “The Softish Savior”?

Yellen Says Government Will Help SVB Depositors But "No Bailout" As Fed, FDIC "Hope" Talk Of Special Vehicle Prevents More Bank Runs

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Soooo….let’s keep raising rates…which will keep obliterating the market value of mid to long duration treasures…which are mandated to be held by all the banks HQLA at 100% due to laws from the Great Financial Crisis….*AND* …we’ll create a new backstop for any banks that also fail like SVB along the way… People this is total desperation…Hail Mary pass…to regain control of the train that has already run off the cliff…

Substantial BTC spread between Gemini (running a premium) and other exchanges. Anyone know what’s up?

When I was a kid, I remember watching an old Batman TV show and Robin said to Batman, “Batman! We could have been killed…or worse.” I remember laughing so hard because it was so dumb. This headline takes me back to that moment. “Stablecoin Issuer Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank”. It’s turtles all the way down, folks. There’s Bitcoin and then there’s everything else.

Bloomberg.com

Stablecoin Issuer Circle Reveals $3.3 Billion SVB Exposure

The second-largest stablecoin in crypto fell from its intended $1 peg on Saturday, trading as low as 81.5 cents, hurt by the exposure of issuer Cir...