Steven Kelly
@StevenKelly49
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Advisor to the Chairman, @GuggenheimPtnrs. Former director at the Yale Program on Financial Stability. Still an academic at parties.
Joined March 2019
New paper: "Rushing to Judgement and the Banking Crisis of 2023" At the two-year anniversary of the crisis, @thejonrose and I present 7 facts that are overlooked in the standard account of the crisis: https://t.co/hRNEOsmzFd
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đ¨đ¨ Calling all financial stability professionals! The application for next year's Master's in Systemic Risk program is now LIVE: https://t.co/ESdrzIPf3c Please share with your networks! You can reach out with questions to somsysrisk@yale.edu
som.yale.edu
All candidates for admission to the systemic risk program must first be nominated by a qualified institution.
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13 days before Lehman's failure. Iconic.
17 years ago today, young jeezy released his third album âthe recessionâ đ˝đś whatâs your favorite track off the project?
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But the human brain cannot comprehend
The complexity of the human brain and its functions in a neat infographic map [zoomable version: https://t.co/4KyqZPcgRB]
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Good for private credit inflows (for the private credit firms that own life insurers/annuity providers)
How rising bond yields are boosting annuity buyers
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Really nice IMF article from Darrell Duffie, Odunayo Olowookere, and Andreas Veneris discussing how tokenized payments can incorporate AML/KYC compliance by design: https://t.co/id3dStJ6BZ
imf.org
Fighting financial crime doesnât have to come at the cost of privacy
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2/ AT1 bail-ins or skipped calls can cause stigma for the bankâs funding and/or suggest something is wrong with the *bank*. Bail-in of a *portfolio* by SRT funding, in contrast, makes a bank seem a genius risk manager and is not a statement on the value of the wider franchise.
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âIn practice, opting not to call an AT1 bond can damage the good reputation that a bank needs to maintain in order to access affordable borrowing.â This potentially leaves SRTs as a dominant form of going-concern bail-in relative to AT1s. (1/2) https://t.co/xXCSaHdWkY
bloomberg.com
Additional Tier 1 bonds, known as AT1s, have been outperforming most other financial assets on the planet, producing bigger returns than some of most risk-tolerant hedge funds. The beefy yields on...
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âHowever, a number of traditional lenders still have hangovers from recent losses in the industry.â Wineries and Whiskey Makers Tap Private Credit for Financing https://t.co/LqpYBjmngL
bloomberg.com
Wineries, booze distributors and distilleries are turning to private credit for financing, especially as tariffs and a decline in drinking habits bring more risk to the alcohol industry.
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Seriously what is with those subscription apps that tell you when youâre paying for unnecessary subscription apps? Doesnât that violate the laws of robotics
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What is the single best episode of television youâve ever seen?
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UBS: "Private debt had about $450 billion loaned to the technology sector as of early 2025, up $100 billion from 12 months earlier." https://t.co/OZOUCeRZMG
bloomberg.com
Private credit lenders, and their deep pockets, are rapidly becoming an important source of capital for artificial intelligence development. Thatâs raising concerns at UBS Global Research.
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"Regarding banks, a couple of participants commented that, though regulatory capital levels remained strong, some banks continued to be vulnerable to a rise in longer-term yields and the associated unrealized losses on bank assets."
We have posted the minutes from the #FOMC meeting held July 29-30, 2025:
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Schroders noting PE selling to PE is historically normal: âThe most significant disruption [of growing use of continuation vehicles] is not in the concept of holding companies for longer under private equity ownership, but rather in who retains ownershipâ https://t.co/WslmyEoP6x
bloomberg.com
Continued ownership structures favored by private equity firms in a challenging exit environment could make it harder for larger sponsors to pursue new deals as they ultimately transform the indust...
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(1/x) An excellent interview with the Bank of Englandâs Nat Benjamin. H/T @StevenKelly49 "People talk a lot about how banks have a lesser role. They donât have a lesser role at all. Theyâre still extremely involved, but just in a very different wayâŚâ https://t.co/TCEXgAqa8W
centralbanking.com
The UK central bankâs executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central
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If this were any other account I follow, it would say âMellody Hobson and her husbandâ
George Lucas and his wife pictured at a recent Chicago Sky game
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The Great Bank Retranche: "All in all, this analysis shows that the growth of the private credit industry has offered banks a new, profitable form of indirect lending, positioning the two lenders more as partners than competitors."
đ˘ New research: Banks and Private Credit: Competitors or Partners? Private credit may compete with banks for business loans, but banks can also lend to private credit funds themselvesâwith higher risk-adjusted returns on average. đ: https://t.co/oVZrkDWciT
#EconTwitter
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