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Webinar with Zoltán Pozsár about money view, Global Money Notes+Dispatch

YSI Money View Webinar with Zoltan Pozsar

Start time:

April 6, 2021 @ 2:00 pm - 3:40 pm

Virtual Project Virtual Project

EDT

Location:

Online

Type:

Other

Virtual Project Virtual Project

Speakers

Speaker Image
Zoltan Pozsar

Managing Director Credit Suisse

Description

To follow up the "Financial stability in the age of Covid-19" entitled webinar from April 2020 we will call again Zoltán Pozsár from Credit Suisse to listen to his views.

Last year's webinar with Zoltan Pozsar.

Money is hierarchical and during crises, rules are flexible at the core and rigid at the periphery. In this crisis, the penalty rate part of Bagehot’s rule was replaced with “friendly” rates for the core – with Covid-19 there is no moral hazard in lending to the core of the system at low rates. (…) the net impact of this rule will be that primary dealers will be able to run “limitless Treasury inventories”, which, if need be, will be financed via repos by the Fed. In that sense, the Board of Governors of the Fed is “drafting” the dealer community to take part in the war effort – by financing the war on Covid-19. Paraphrasing Churchill: “we give you the balance sheet, and you’ll finish the job”.

The general assumption in the rates market is that if the SLR exemption of reserves and Treasuries does not get extended, cash yields would move higher and swap spreads tighter. The market assumes that the SLR exemption is what has “glued” the rates market together since 2020, and that the end of exemption means that large U.S. banks will have to sell Treasuries. That view is wrong: if the SLR exemption ends on March 31st, that won’t lead to forced sales, neither will it cause a constraint on the functioning of the Treasury repo market.

Hosted by Working Group(s):

Attendees

Ádám Kerényi

Jérémy ZHANG

Mohamed Bakoush

Rudy Bouguelli

Mateusz Urban

Rohan Chinchwadkar

Richard Senner

Nicolás Aguila

Mario Laul

Jonah Wolf

Peter Holtzer

Anas Ben Chekroun

Nathalie Marins

Max Cramer

Miquel Bassart i Loré

Win Monroe

Frederik Vitting Hermann

Bruno Höfig

Rasheed Saleuddin

Aurora Li

Jonathan Marcus

Colin Vuilletet

David del Val

Farhad Panahov

Shubham Jain

Martin Vestergaard

Ramon Gimenez

Michael Peters

Tru Nguyen

Ajibola Akanji

Tatiana Camacho

J.Christopher Proctor

Andrew Medeiros

Alex Howlett

Julian Jurgenmeyer

Jennifer Judge

farhad gohardani

Christophe Diederen

Bianca Orsi

Puze Zhao

Ignacio Trucco

Marina Marques

Joel C.

Dennis Hamilton

Asgeir B. Torfason

Zach Kopelman

Dustin Fergusson-Vaux

Stefan Angrick

Yu Chen

Luis de la Torre

Raphael Porcherot

Antonio Grillo Neto

Jay Pocklington

Juan-Pedro Castro

Agustin Pedrazzoli

Michal Rozworski

Bruce Winson

Maria Caecilia Schweinberger

Sattwick Dey Biswas

Jheelum Sarkar

Thijs Kieboom

Daniel von Ahlen

Dávid Hornyák

Marco Almbauer

Daniel Kuehner

Alexandru Monahov

Larissa de Lima

Vikram Lopez

Stuart Bailey

Özge Özay

Frederick Myles

Celine Tcheng

Quentin Vandeweyer

Adrien d'Avernas

Francisco Perez

Mehmet Ali Güleç

Kovács Marcell

Jinting Liu

Fuzhen Wang

Christina Mosalagae

Yougui Wang

Yasmin Winther Almeida

Тимур Золкин

Ilja Viktorov

Dimo Stefanov

David Iskander

Charles Wan

Elsa Ryan Ramdhani

Alwin Adityo

Mathew Harris

Roudy Sassine

Clifton King

Bismarck Javier Arevilca Vasquez

Andy Lee

Nicole Toftum

Jay Vowell

Zack Eiseman

Benjamin Streim

mohsen moghiseh

Rishab Devnani

hongshao liu

Mark Komonczky

Christoph Becker

Vibhu Gangal

John Salchichon

Ying Qi

Marina Marques

Robert McKee

Randy Blair

Héctor Labat

Chris Rimmer

alison touhey

Martin Waibel

Shengbei Guo

David Storey

federico fornasari

jack gao

Mariano Cruz Navarro

Jason Blunier