By Kaleb Nygaard
The ReserveMar 17, 2022
49. Speedy Bank Runs w/Jonathan Rose
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"
48. Limitless w/Jeanna Smialek
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.
It's a book for you Fed Watchers - and your parents! Seriously!
47. Janet and George w/Jon Hilsenrath
A conversation with WSJ reporter, Jon Hilsenrath, about his book on the love story of Janet and George and the way they broke through in the economics field and in policy. I enjoyed this conversation as much as I loved the book. Even if you think you know Yellen's story - this podcast will show a depth and insight that I promise will delightfully surprise you!
Jon's latest at the Journal
Jon on LinkedIn
Kaleb on twitter
46. The Fed in 2023 w/Derek Tang
45. The Debt Ceiling & Shadow Banks w/Steven Kelly
Two important topics on the table today with the one and only Steven Kelly.
44. The 2022 Fed w/Greg Ip
The most lucid translator of Fed speak, Greg Ip joins the show to recap not only this week's FOMC meeting but also the wild year that was 2022.
Greg's column on the FOMC meeting, Jerome Powell’s Grim Inflation Outlook Is at Odds With Markets
43. Global Discord w/Paul Tucker
There's one person who has thought more about the philosophical and economic principles undergirding the Federal Reserve, central banks, and independent agencies - Paul Tucker. In his new book, Global Discord Values and Power in a Fractured World Order, Paul takes a step back to consider international organizations, and how their institutional design and legitimacy hold in a changing global power dynamic.
Carey Mott, from the Yale Program on Financial Stability, joins me as cohost in this interview with Paul.
Global Discord (new book)
Unelected Power (first book)
42. The Fed Beat w/David Wessel
We've had lots of active Fed journalists on the show to talk about their work and reporting. But no one can open up about the true inner-workings quite like former WSJ economics editor and all around Fed Wizard, David Wessel!
41. Fed Week w/Matt Klein
Matt Klein is the founder of The Overshoot, one of the most influential economic newsletters on the market. He joins the show today to talk give us an inside look into the creation of The Overshoot and discuss the FOMC meeting this week, how we got here, and where things are going.
The Overshoot (sign up asap to lock in the lower rate!)
40. Ups and Downs Post-Jackson w/Neil Irwin
This is an exciting time to be Fed Watching and no one is doing it better than Neil Irwin, who joins the show today to talk about Jackson Hole, the ups and downs since, what comes next for the central bank, and a behind the scenes look at the creation of the Axios Macro daily newsletter.
Book: The Alchemists: Three Central Bankers and a World on Fire
Conference Panel: Cato Institute Monetary Conference
39. Inside the FOMC w/Bill English
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.
List of "Come with Me to the FOMC" speeches
38. The Fed and Watergate
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
37. The "Leak" w/Steven Kelly
36. Fed Communication w/Tony Fratto
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
35. The Fed Unbound w/Lev Menand
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.
34. Dallas Fed Presidents w/Michael Derby
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.
33. VCS take 2 w/Kate Davidson
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
32. A 13(3) bonanza w/Steven Kelly
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
Original notes on the commodities facility
2008 legal memo
AIG warrants draft memo
Dallas Fed commodities markets article
31. Re-examining S&R design and the revolving door w/David Zaring
30. Fed governance w/Derek Tang
29. Fed diversity ground game w/Dorien Nunez
Dorein Nunez is on a mission to increase diversity at the Federal Reserve Bank and branch boards of directors. A delightful chat with him today with stories of running physical commercial paper as a high school intern on Wall Street, to activist college days collecting signatures for the Community Reinvestment Act, to his work today.
Dorien can be reached at omniresearch (at) aol (dot) com
I'm on twitter @KalebNygaard
My CRA paper with Peter Conti-Brown and Brian Feinstein
28. FOMC & book talk w/Nick Timiraos
Author of the hottest Fed book on the market today, Nick Timiraos, joins Steven Kelly and I to recap yesterday's FOMC meeting and talk about his new book.
Trillion Dollar Triage book
FOMC meeting article
The two articles that inspired the book: (1) March 30, 2020 called “The Fed Transformed: Jay Powell Leads Central Bank into Uncharted Waters”, (2) April 27, 2020 called "The Federal Reserve Is Changing What It Means to Be a Central Bank" w/Jon Hilsenrath.
27. Economic warfare w/Nick Lambert
Economic warfare during WWI with the incredible historian Nick Lambert! Stories of disrupted supply chains that are eerily similar to today, levels of destruction a true economic war can cost, how challenging conducting economic warfare can be, and much more.
Planning Armageddon: British Economic Warfare and the First World War (Harvard UP, 2012)
on twitter: @KalebNygaard
26. Ukraine, Russia, the Fed w/Jeanna Smialek
Breaking down the impact of the Russian invasion of Ukraine on the Fed with New York Times Fed beat journalist, Jeanna Smialek.
Jeanna's latest articles
The West’s Plan to Isolate Putin: Undermine the Ruble (article)
Russia Tried to Isolate Itself, but Financial Ties Called Its Bluff (article)
The Fed chair pledges to bring inflation under control and signals wariness on wages (article)
25. Central Bank boundaries w/Christina Skinner
When Senator Toomey suggested that Congress reconsider the structural design of the Federal Reserve, there was one person I wanted to hear from more than anyone else: Christina Skinner, professor at Wharton. The conversation did not disappoint! We cover the history of research at the Fed, guiding principles for designing central banks, how involved in politics central bankers should be, and more!
The Legitimacy of the Federal Reserve (paper w/Carola Binder)
Christina on SSRN
24. Inflation’s real life impacts w/Rachel Siegel
Most of this podcast's attention is focused on people and decisions made at the Eccles Building in Washington DC. But unemployment and inflation are felt most on the ground, in the lives of regular (and particularly low-income) Americans. No one is covering that story better than Rachel Siegel at the Washington Post.
Rachel's inflation article, ‘Survival mode’: Inflation falls hardest on low-income Americans
Rachel's article, Two blocks from the Federal Reserve, a growing encampment of the homeless grips the economy’s most powerful person
Rachel's latest articles (go here for the latest drama on Senate committee nomination drama and Raskin specific drama)
23. Fed news week w/Steven Kelly
An incredibly busy week in the Centralverse. Steven and I react to 8(!) big stories of the week:
Boston CBDC Technical Report
Boston Fed Pres, Susan Collins
Reserve Trust & Raskin
Fed staff trading scandal and other ethics
Toomey’s Fed consolidation suggestion
25bp emergency increase rumors
Stress Test scenario
Afghanistan and the New York Fed
22. FOMC and CBDC react w/Steven Kelly
Steven and I sit down to chat about the week's news, including the FOMC meeting, updates and controversies surrounding the nominations, and the Fed's initial CBDC report.
CBDC: Fed's report
21. Finally, a Fed VC Supervision Nominee w/Sean Vanatta
The leading historian on US bank supervision, Sean Vanatta, joins the show to talk about Sarah Bloom Raskin's nomination to the Fed's Vice Chair for Supervision.
“Focus on bank supervision, not just bank regulation” (Brookings)
“The Logic and Legitimacy of Bank Supervision: The Case of the Bank Holiday of 1933” (paper w/Peter Conti-Brown)
"Histories of Bank Supervision" (paper)
Landing page for all of Raskin's speeches as Fed Governor (2010-2014) (FRASER)
An old version of the introduction of *the* history of bank supervision in the US Sean is writing with Peter Conti-Brown. We'll have to wait a little bit longer for the book to come out, but for super fans like me, this intro is an awesome sample of what's to come.
20. Fed Governance w/Kaleb Nygaard
Steven Kelly sits in the host seat for this interview with Kaleb Nygaard on a wide-ranging conversation on many issues in Fed governance that have been in recent Fed news.
History of Fed age limits thread
Paper on Reserve Bank board of director diversity and community lending
Current terms of all members of the FOMC
Ann Saphir's article on Reserve Bank board of director diversity
19. FOMC Recap w/Alex Williams
Was this *the* most important FOMC meeting? How high were the stakes going in to it? Alex Williams, Research Analyst at Employ America, joins the show discuss these questions and react to all the excitement of the FOMC week.
"A Credible, Broad and Inclusive Approach to Maximum Employment" (blog post)
"Beyond the Phillips curve" (full piece)
18. Quarles' strange 13(3) vision w/Steven Kelly
Randy Quarles’ mic drop speech included a very strange commentary on the future of the Fed’s emergency lending authority in 13(3). On today’s episode Steven Kelly and I react.
Pari Sastri’s 13(3) paper
2008 Board minutes on penalty rates
17. Fed Independence w/Todd Phillips
Fed Independence - what does it really mean? Does it matter if we don’t agree on what it means? All of this and more with Todd Phillips, director of financial regulation and corporate governance at the Center for American Progress.
The Myth of Independence, Binder and Spindel
Financial Crises and Legislation, Conti-Brown and Ohlrogge
16. Five Fed Nom Hot Takes
This podcast was born as a countdown to today! The Fed Chair nom is in and Powell gets another term. Here are my five hot takes on the Powell/Brainard announcement.
1. Was it a surprise?
2. Where were the progressives?
3. How will Powell/Brainard nomination processes go?
4. What about the remaining vacancies?
5. What does this mean for the future of the Fed?
On twitter @KalebNygaard
15. The Fed in 2030 w/Matt Yglesias
Where will the Fed be in 2030? Where should it be? How will the next 18 months define the Fed’s direction for decades to come? Matt Yglesias joins the show today to think it all through with me.
Matt’s Newsletter: Slowboring
Matt’s most recent book: One Billion Americans
14. Stablecoins w/Lee Reiners
On twitter: @leereiners, @StevenKelly49, @KalebNygaard
13. The FOMC Meeting and Beyond w/Roberto Perli
12. What a week!
The apt metaphor for this week in the centralverse is - drinking from the fire hose! My views on ten quick-hits from the week's Fed news.
1. Fed Chair race, PredictIt
2. Prospect article
3. Historical calendar of Fed Chair nominations
4. Boston Fed won't release scandal documents, Reuters
6. The full list of trades / financial transactions by FOMC members, Jeanna's summary
7. The Fed's new ethics rules, thanks to Jeanna for the quote!!
8. FSOC Climate report with Powell’s stamp, Todd Phillips' tweet
9. Inflation readings and FOMC commentary
10. In coming weeks: (a) Fed CBDC report, (b) taper at FOMC meeting
Did you know articles of impeachment have been formally introduced in the House against Fed leaders at least twice in history?
11. Quarles Takes One Hat Off w/Victoria Guida
Fed Governor Randy Quarles' term as Fed VC for Supervision and Regulation ended this week, with no replacement nomination from Biden in sight. But this is just one of four major hats Quarles wears at the Fed. Fed reporter extraordinaire Victoria Guida joins the show to talk about what it all means and how this story is the perfect example of how strange the Fed's governance structure is.
10. The Fed and the Debt Ceiling
Congress should permanently remove the debt ceiling. But until they do that, the issue affects the Fed in some big ways. Steven Kelly joins the show to talk about how the Fed's 13(13) powers and the Standing Repo Facility might be used.
9. Fed Resignations, Now What? w/Dennis Kelleher
Huge news this week with the resignations of the Presidents of the Federal Reserve Banks of Dallas and Boston. But this is not the end of the story. So what comes next? Dennis Kelleher, President of Better Markets, joins the show to discuss. Check out Episode 6 for The Reserve's interview with Michael Derby from the WSJ who originally broke the story.
8. FOMC & More w/Claudia Sahm (Sep 2021)
Claudia Sahm joins the show to breakdown this week's FOMC meeting. It was a blast of a conversation that went deep into the inner workings of the Fed.
7. SRF & More w/Joseph Wang
Joseph Wang, literally the "Fed Guy", joins the show to talk with Steven and me about the current situation with the Standing Repo Facility and its potential futures, as well as other current Fed events.
6. Fed Scandal w/Michael Derby
Stock trading scandal by the Presidents of the Federal Reserve Banks of Dallas and Boston. It was the biggest news in the Centralverse this week and we speak with the journalist that broke the story - Michael Derby!
Original breaking story: Tuesday, Sep. 7
Follow-up story: Thursday, Sep. 9
5. Climate and the Fed w/Gregg Gelzinis
If the Federal Reserve really was a national forest somewhere out west, today it would be in serious trouble because of climate change. On this episode we talk to the most important commentator on the topic - Gregg Gelzinis.
Note, there were some technical issues with audio recording. We believe we’ve found the issue and it shouldn’t happen in future episodes.
4. Fed Nomination Drama w/Sam Bell
3. Raising rates & the week's Chair race drama
Segment 1: lots to catch up on regarding the race to be the next Fed Chair
Segment 2: how and when the Fed raises interest rates
Get in touch on twitter: @KalebNygaard
Today's guests: @StevenKelly49
2. Afghanistan (Aug 19)
The central bank of Afghanistan, what we know so far.
- Gov. Ajmal Ahmady's escape from the country
- Gov. Ahmady's update on the central bank's financial situation
- Gov. Ahmady's LinkedIn
- Dan Hardie article on Ahmady's history at the central bank
- Eshe Nelson article on financial situation
- Part of Federal Reserve Act that talks about foreign accounts
- John Paul Koning blog post on where the reserves are
I'm on twitter @KalebNygaard
1. Welcome and For/Against Powell
Welcome to The Reserve, a news and thoughts podcast from the Centralverse. Three segments on the show today: (1) intros to the new show, (2) Fed Chair Race standings, (3) a discussion with Steven Kelly on the pro/anti-Powell arguments within 5 policy areas (covid-19, the labor market, financial regulations, climate change, and central bank digital currency).
Get in touch with me on twitter @KalebNygaard
Today's guest: @StevenKelly49