Steven Kelly is a senior research associate at the Yale Program on Financial Stability and is a previous guest of the podcast. Steven rejoins Macro Musings to talk about the recent bank collapses at Silicon Valley Bank (SVB) and Signature, the government response, and what this means for financial stability policy in the present and future. David and Steven also discuss the role that interest rate risk and macro policy played in SVB’s failure, the debate over the systemic nature of this crisis, the implementation and use of the Bank Term Funding Program, and more.   Transcript for the episode can be found here.   Steven’s Twitter: @StevenKelly49 Steven’s Substack: Without Warning   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   Steven Kelly Twitter thread on SVB   Daniela Gabor Twitter thread on SVB   *Was This a Bailout? Skeptics Descend on Silicon Valley Bank Response* by Jeanna Smialek and Alan Rappeport   *Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?* by Erica Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru