The Reserve – Details, episodes & analysis

The official Fed historian, Jonathan Rose, joins Steven and I on the show today to discuss technology's role in the March 2023 bank runs as well as bank runs from history.

Article: “Understanding the Speed and Size of Bank Runs in Historical Comparison"

Twitter: @thejonrose

Book: Well Worth Saving: How the New Deal Safeguarded Home Ownership (publisher, Amazon)

Website: https://www.federalreservehistory.org/

The beautiful thing about Jeanna Smialek's new book is that its core thesis has been tested and proven out in unbelievably prescient ways in just the 6 weeks since it came out.

Review⁠ it!!

It's a book for you Fed Watchers - and your parents! Seriously!

@JeannaSmialek & @StevenKelly49 & @KalebNygaard

How are the SEPs prepared? What goes into the Tealbook? What's the real purpose of the blackout period? These and so much more on the inner workings of the FOMC with former Board Monetary Affairs director and current Yale professor, Bill English. 

Bill's recent book (summary blog post, full book - which is downloadable for free!) with Angel Ubide and Kristin Forbes.

List of "Come with Me to the FOMC" speeches

on twitter: @StevenKelly49, @KalebNygaard

Federal Reserve police officers were the first to find the Watergate burglars...and that's only the beginning of this incredible story!! Seriously, listen to the whole thing because there are so many wild gems.

Nixon Presidential Library oral history with John E. Sheehan

Fed's IG report on accusations re Watergate and loans to Iraq

on twitter @KalebNygaard (Tankus tweet that inspired the episode)

What on earth happened this week?! Steven and I chat about the leak (was it? wasn't it?) and the FOMC meeting. 

on twitter: @StevenKelly49, @KalebNygaard

Howard's follow-up to Powell goes unanswered (at 9:17)

Fed communication has evolved a lot in the last few decades, and few people have been in better places to view it than Tony Fratto, Founding Partner at Hamilton Place Strategies and former WH Deputy Press Secretary and Assistant Secretary of the US Treasury.

The Greenspan days, the global financial crisis, the Trump tweets, the pandemic, the trading scandal, and inflation - we cover a lot of ground!

Tony's podcast The Macrocast

on twitter: @TonyFratto, @KalebNygaard

Delighted to have Lev Menand, Associate Professor of Law at Columbia, on the show today to talk about his new book and the policy implications today. 

The Fed Unbound: Central Banking in a Time of Crisis

On twitter: @LevMenand, @KalebNygaard

Michael Derby, WSJ Fed beat reporter who broke the original financial disclosure for Dallas Fed President Robert Kaplan, comes back on the show to chat about past Dallas Fed presidents and Lorie Logan, the current SOMA manager at the New York Fed and next Dallas Fed president. 

Michael's article

on twitter: @michaelsderby, @stevenkelly49, @kalebnygaard

The one and only - the author of Politico's Morning Money newsletter, Kate Davidson. We talk about Michael Barr's nomination process and how he may fit into the still new position of Vice Chair for Supervision. We also talk about the other Fed nominees, monetary policy past and future, and how Morning Money is made. 

Sign up for Morning Money

@KateDavidson, @StevenKelly49, @KalebNygaard

Quarles interview with Rob Blackwell we mention in the episode

No one outside the Fed (and there have to be only like two or three within the Fed) have thought more about the Fed's emergency lending authorities than Steven Kelly. Today he's on the show for the ins and outs of these three angles:

- The DW & 13(3) covid-era data disclosures

- Does the Fed *have* to use SPVs? (thread)

- The case for prepping for an emergency commodities facility

Bloomberg oped

Original notes on the commodities facility

2008 legal memo

AIG warrants draft memo

Dallas Fed commodities markets article