Last year, Patrick Perret-Green, veteran bond trader and macro strategist, warned his clients that plummeting liquidity at regional U.S. banks could cause serious issues. Now that these issues have made themselves apparent with the fall of three U.S. banks, Perret-Green of PPG Macro joins Forward Guidance to share his views on bank liquidity, loan growth, and credit risks within banks as well as shadow banks. Filmed on May 11, 2023.
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Timestamps:
(00:00) Intro
(00:28) Patrick's 2022 Warnings About Banks
(10:33) Credit Risks
(15:49) Shadow Banking System
(19:35) Permissionless
(20:38) Loan Growth
(29:17) Global Liquidity Is Collapsing
(34:32) Foreign Banks Are Having Issues
(37:20) The Pain Trade Is For The Dollar To Go Higher
(40:11) Rate Hikes "An Economic War Crime"?
(43:34) Commercial Real Estate
(49:42) Bank Run Risks
(56:14) Blockworks Research
(57:16) Where Are Interests Rates Headed?
(01:00:54) China
(01:08:50) Closing Thoughts