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Pam and Russ Martens: The perfect storm hits big banks
By Pam and Russ Martens
Wall Street on Parade
Monday, September 25, 2023
On March 30, 2022, two highly troubling events occurred:
1) Federal Reserve data showed that unrealized losses on available-for-sale securities at the 25 largest U.S. banks were approaching the levels they had reached during the financial crisis in 2008.
2) The Fed simply stopped reporting unrealized gains and losses on these banks' securities.
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As the chart with this analysis indicates, the Fed had reported this data series from October 2, 1996, to March 30, 2022, and then -- poof -- it was gone and could no longer be graphed weekly at FRED, the St. Louis Fed’s Economic Data website.
On the same date, the Fed also discontinued the weekly data for unrealized losses or gains on available-for-sale securities at all commercial banks and small banks.
This data series was halted after the Fed had embarked on March 17, 2022, on the first leg of 11 consecutive rate increases, at the fastest pace in 40 years. The Fed took its benchmark Fed Funds rate from 0.00–0.25% on March 16, 2022, to 5.25–5.50% by its last rate hike on July 27 this year. ...
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