What the Bailout of SVB Means for the Fed's Fight Against Inflation | Steven Kelly

Hidden Forces

Demetri Kofinas

Government, Business

4.8 • 1.6K Ratings

🗓️ 13 March 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 301 of Hidden Forces, Demetri Kofinas speaks with Steven Kelly about the government's decision to bail out depositors at Silicon Valley Bank and what this decision means for monetary policy and the Federal Reserve’s fight against inflation.

This conversation was recorded on the morning of Monday, March 13th less than 24hrs after the Federal Reserve, the Treasury Department, and the FDIC came out with a joint statement assuring depositors at Silicon Valley Bank and Signature Bank that their deposits would be fully protected irrespective of FDIC deposit limits. While this stems the immediate fears of a bank run, the manner in which this was done creates further complications for the Federal Reserve and raises more questions than it answers about the direction of monetary policy.

The goal of today’s episode is to provide you with the most up-to-date recap of what has happened thus far, why it happened, how it happened, what the government’s response has been, and the implications of that response for monetary policy, financial markets, and the economy.

You can subscribe to our premium content and gain access to our premium feed, episode transcripts, and Intelligence Reports (or Key Takeaways) at HiddenForces.io/subscribe.

If you want to join in on the conversation and become a member of the Hidden Forces genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page. If you still have questions, feel free to email [email protected], and Demetri or someone else from our team will get right back to you.

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Episode Recorded on 03/13/2023

Transcript

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0:00.0	What's up everybody? My name is Dmitri Kaffinas and you're listening to Hidden Forces,
0:05.8	a podcast that inspires investors, entrepreneurs and everyday citizens to challenge consensus
0:12.8	narratives and to learn how to think critically about the systems of power shaping our world.
0:18.6	My guest in this episode of Hidden Forces is Stephen Kelly. Stephen is a senior research associate
0:24.4	at the Yale program on financial stability whose work focuses on financial crises and how to
0:30.3	fight them and he occasionally releases research notes on his substack at without warning.substack.com.
0:38.9	This conversation was recorded on the morning of Monday, March 13th, less than 24 hours after
0:44.7	the Federal Reserve, the Treasury Department and the FDIC came out with a joint statement
0:50.2	assuring depositors at Silicon Valley Bank and signature bank that all of their deposits
0:55.2	would be fully protected irrespective of whether or not they exceeded the FDIC's $250,000 deposit
1:02.7	limit. While the stems the immediate fears of a bank run, the manner in which this was done
1:07.7	creates further complications for the Fed and raises more questions than it answers about the
1:12.9	direction of monetary policy. My goal in today's conversation has been to recap what has happened
1:19.5	thus far, why it happened, how it happened, what the government's response has been and the
1:25.1	implications of that response for monetary policy, financial markets and the economy. You can find
1:31.8	related podcasts to this one on this week's episode page at hiddenforces.io where you can also
1:38.1	access our premium content including transcripts, intelligence reports and key takeaway videos
1:44.4	by joining one of our three content tiers. All subscribers gain access to our premium feed,
1:49.4	which you can listen to using your favorite podcast app, just like you're listening to this episode
1:54.8	right now. If you want to join in on the conversation and become a member of the Hidden Forces
2:00.7	Genius Community, which includes Q&A calls with guests, access to special research and analysis
2:06.5	in-person events and dinners, you can also do that on our subscriber page. And if you still have
	...

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