About this Episode




Western Alliance Bancorp’s shares fell 4.8%, while those of Valley National Bancorp dropped 5%. Comerica’s (CMA.N), opens new tab shares fell 2.1%.

The S&P 500 Banks index fell roughly 1.2%.

The fall of U.S. regional banks stocks on Wednesday translated into $685 million in paper profits for short sellers, according to data and analytics company Ortex.

Borrowing from Fed's emergency lending program rose to a fresh record, just before Fed raised the facility’s interest rate to stop financial institutions from taking advantage and arbitraging on its attractive terms. Demand for Bank Term Funding Program rose $6.3bn to an ATH of $167.8bn.

Borrowing has jumped by $50bn since mid-November after program’s rate increasingly fell below the rate at which institutions could earn money by parking reserves at Fed. Any increase from here is not arbitrage-driven. (BBG)



Bitcoin Education

  • Bitcoin Optech #287 covers a new replace by fee model as well as more discussion of 'exogenous fee' incentives


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