The Banks Were Good Again

The Banks Were Good Again

At the end of June, the Federal Reserve released the results of the 2025 Dodd Frank Act Stress Test (DFAST). This is the annual test where banks send their balance sheets to the Fed which then works their scenarios and models to predict how the banks will fare through...
Return-Tinted Glasses

Return-Tinted Glasses

There is a global push for retail investors to be able to put their money into private assets, which cover investing in or lending money to (funds of) private companies or big infrastructure projects. The lure is, of course, the potential for higher and smoother...
Gold!

Gold!

Gold (gold) Always believe in your soul You’ve got the power to know You’re indestructible, always believing -Spandau Ballet (1983) I imagine that most central banks secretly dream about becoming a safe haven. Yes, it comes with a lot of responsibility, and you have...
Data Matters

Data Matters

In our business—measuring financial risk in all its glorious variations—data is so absolutely foundational that it does not occur to us to imagine a world without it. But if we were to entertain that thought experiment, a world without data would be like a mind...
Annoying Context

Annoying Context

One of the most annoying things about economic indicators is that they need context. A number does not make sense on its own. You also have to know where it is coming from, whose perspective you’re taking, and why. So, when we tell you that the yields on 30-year...