Monetary Matters with Jack Farley

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Joseph Wang: Fed Likely To Have To Expand Balance Sheet To Avoid Losing Control Over Repo Market
Joseph Wang, former senior trader for the New York Fed and author at FedGuy.com returns to Monetary Matters at a critical juncture to break down the October Fed meeting and the Fed's decision to stop reducing its balance sheet on December 1st and thereby end QT (Quantitative Tightening). Wang, a veteran of money markets, explains the stress he sees in repo markets and why he thinks the Fed has to go further and actually start expanding its balance sheet in order to inject enough liquidity to calm the repo market down. Recorded October 29, 2025. Joseph's piece on FedGuy, "Balance Sheet Dominance": https://fedguy.com/balance-sheet-dominance/ Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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The Liquidity Divergence Between East and West | Michael Howell on Deteriorating Federal Liquidity While People’s Bank of China (PBOC) Injects Stimulus and Pumps Gold
Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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Credit Concern is Overblown Argues Financials Hedge Fund Manager Beating the S&P 500 | Derek Pilecki of Gator Capital
Derek Pilecki’s hedge fund Gator Capital has outperformed the S&P 500, compounding at over 22% since inception while focusing exclusively on financial sector stocks. In this interview Derek discusses why he thinks recent concern in the financial sector is overblown, how he has grown his firm’s assets to over $300m, and why he believes that good performance is simply not enough to grow a successful hedge fund. Derek also discusses how he manages his mutual fund alongside his hedge fund and why he doesn’t see the vehicles as competing but serving two separate investor bases. Sign up for Gator Capital's distribution list: https://www.gatorcapital.com/ Follow Derek on X: https://x.com/gatorcapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod
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The Liquidity Divergence Between East and West | Michael Howell on Deteriorating Federal Liquidity While People’s Bank of China (PBOC) Injects Stimulus and Pumps Gold
Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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1:57:54
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1:57:54
The Core of Dollar Weakness | George Saravelos, Deutsche Bank's Head of FX Research, on Growth Differentials, Fed Rate Cuts, and 4% U.S. Current Account as Key Threshold For USD Declines
George Saravelos, head of FX research at Deutsche Bank, joins Jack on Monetary Matters to go deep into the world of currency trading. Jack and George discuss central bank independence, emerging markets, carry positions, hedging, and more. George gives a clear and intelligent look at the often-opaque foreign exchange market and explains his views on it. Don’t miss this episode. Recorded on October 20, 2025. Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow George on LinkedIn https://www.linkedin.com/in/saravelos/?originalSubdomain=uk George’s FX podcast for Deutsche Bank https://tinyurl.com/4nh5d3y9 George's Primer, "The Brilliant World of FX": https://www.dbresearch.com/PROD/RPS_EN-PROD/The_Brilliant_World_of_FX_-_A_Primer/RPS_EN_DOC_VIEW.calias?rwnode=PROD0000000000464258&ProdCollection=PROD0000000000542285
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