What Can Revisions to the NFCI Tell Us About Stock Market Volatility?
In this blog post, we document that recent revisions to the Chicago Fed’s National Financial Conditions Index ( NFCI ) have been large and clustered in time—a pattern not seen since the 2007–09…
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Reading the Panic: How Investors Perceived Bank Risk During the 2023 Bank Run
The bank run that started in March 2023 in the U.S. occurred at an unusually rapid pace, suggesting that depositors were surprised by these

Calming the Panic: Investor Risk Perceptions and the Fed’s Emergency Lending During the 2023 Bank Run
In a companion post , we showed that during the bank run of spring 2023 investors were seemingly not concerned about bank risk broadly but r

Stress and Strain from NBFIs to Banks
Do the recent stresses in the NBFI space—notably the bankruptcies of Tricolor and First Brands, and the decision of Blue Owl Capital Corp II

The Fed’s Treasury Purchase Prices During the Pandemic
In March 2020, the Federal Reserve commenced purchases of U.S. Treasury securities to address the market disruptions caused by the pandemic.

Financial Intermediaries and the Changing Risk Sensitivity of Global Liquidity Flows
Global risk conditions, along with monetary policy in major advanced economies, have historically been major drivers of cross-border capital
FOMC Minutes Preview: Scrutiny For Hawkish Bias
FOMC Minutes Preview: Scrutiny For Hawkish Bias Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for

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