Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

All-round Multi-Asset investor. Former head of a EUR 5 billion multi-asset fund range. Speaker. Charts & Frameworks. Founder of True Insights, a provider of independent investment research, trade ideas & well-diversified portfolios.
https://true-insights.net/

Global Multi-Asset Investment Strategist

Silicon Valley Bank: Some Observations on Contagion, Moral Hazard, and Monetary Policy

Weekly Market Monitor (10) - Central Banks Intervene to Fight Contagion Risks

Monetary Policy Update! Federal Reserve Unlikely to Hike Rates in March

TINA Has Left, Bond Yields Shine, and Cash Is King!

Yields Up? Add Another 10% Downside for Stocks!

Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?

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Macroeconomics

<ul>
<li>After a massive rise in short-term yields, Money Market Funds compete with both other asset classes and Commercial Bank Deposits. </li>
<li>Commercial banks face a dilemma. Raise interest rates at the cost of profitability. Or lose deposits and face higher risks. The dilemma explains why the Fed is not really tightening.</li>
<li>Second, Money Market Fund and Commercial Bank flows are yet another example of how unprecedented stimulus following Covid adds to the 'Great Recession Delay.' </li>
</ul>


After a massive rise in short-term yields, Money Market Funds compete with both other asset classes and Commercial Bank Deposits. 
Commercial banks face a dilemma. Raise interest rates at the cost of profitability. Or lose deposits and face higher risks. The dilemma explains why the Fed is not really tightening.
Second, Money Market Fund and Commercial Bank flows are yet another example of how unprecedented stimulus following Covid adds to the 'Great Recession Delay.' 


Money Market Funds – Bank Profitability Pressure and the Great Recession Delay