It turns that the truth is more bizarre. From Matt Levine’s Money Stuff:
But today at the Wall Street Journal Hannah Miao, Gregory Zuckerman and Ben Eisen have the actual, horrifyingexplanation, which is that the Fed’s computers go to bed at 4 p.m. and you can’t wake them up until the next morning
The point I stressed before on government bonds was right: SVB could have borrowed against them. But it seems like I was wrong: it could have borrowed against Agency MBS, too.
It turns that the truth is more bizarre. From Matt Levine’s Money Stuff:
The point I stressed before on government bonds was right: SVB could have borrowed against them. But it seems like I was wrong: it could have borrowed against Agency MBS, too.