13 min readIf you’ve been skimming headlines lately, it’s easy to assume that credit risk is suddenly everywhere. An auto-parts borrower collapses amid allegations of double-pledged receivables. A subprime auto lender goes under and dents a few banks’ earnings. Several regional banks disclose fraud-linked commercial loans. Regional bank stocks wobble. It feels like the start of something…
9 min readKey Takeaways: When I co-authored “Antitrust Anxiety” in 2021, it seemed a tidal wave of antitrust enforcement was on the horizon. Litigation, proposed legislation, and aggressive leadership from watchdogs like Lina Khan and Jonathan Kanter signaled significant changes for Big Tech regulation. With a barrage of Federal Trade Commission (FTC) and U.S. Department of Justice…
10 min readCo-authored: Pate Campbell, Keren Luo The U.S. government has officially entered a shutdown. The federal budget process typically begins with the President’s detailed budget request for the fiscal year starting October 1st. However, without the passage of either a full year spending bill or a continuing resolution (CR) by Congress, the subsequent funding gap has…
9 min readLaddered SMA Portfolios vs. MMFs and Deposits in a Rate-Cutting Environment The Federal Reserve recently cut overnight interest rates at its September meeting – now what? As an institutional cash investor, you might feel like a kid watching the ice cream truck pulling away. But there may be a way to help keep yields from…
8 min readKey Takeaways: The Revision That Sparked a Crisis of Confidence in U.S. Economic Data The Bureau of Labor Statistics (BLS) revised payrolls down by 911,000 jobs for the 12 months through March – the largest preliminary benchmark revision since 2000.[1] Markets flinched, and Washington quickly made it a referendum on trust in U.S. labor statistics….
9 min readKey Takeaways: Introduction to Stablecoins: A Guide for Corporate Treasurers and Cash Managers As a cash investment strategist for institutional liquidity accounts, I would like to discuss stablecoins – a promising yet emerging digital asset class that blends innovation with familiarity. Think of them as the intriguing newcomer in the world of liquidity portfolios: full…
7 min readKey Takeaways: Tariffs Fade, But Risks Remain With trade war tensions easing, tariff uncertainty is beginning to fade. The U.S. economy has so far avoided recession, despite a slowdown in growth, while inflation remains close to the Federal Reserve’s 2% target. Stock markets are reaching new all-time highs and bond yields continue to decline, implying…
5 min readKey Takeaways: Over the past year, several major consumer goods companies have announced plans to divest underperforming business segments and refocus on streamlined portfolios with stronger growth potential. These announcements follow marked top-line deceleration from their post-pandemic heydays, where revenues benefited from large price increases at the expense of margin compression. While profitability generally improved…
7 min readKey takeaways: On June 26, 2025, the Federal Reserve proposed significant changes to the enhanced Supplementary Leverage Ratio (eSLR), loosening a key capital constraint that has long limited how large banks use their balance sheets. While this move could unlock billions of dollars in capital, improve treasury market liquidity, and reshape bank’s capital allocation strategies,…
8 min readMichelle “Miki” Bowman’s nomination as the Federal Reserve’s Vice Chair for Supervision was confirmed by the U.S. Senate on June 4th, 2025[1]. The confirmation aligns with Washington’s broader effort to unwind regulatory safeguards implemented after the Global Financial Crisis. During her testimony in April, Bowman advocated for “pragmatic tailoring”, adjusting capital buffers, accelerating merger approvals,…