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Concoda is a macro and geopolitical newsletter focusing on financial systems post-2007/08 crisis, the evolving role of central banks, and shifts in monetary policies. It discusses regulatory impacts, Treasury and Fed maneuvers, repo and Eurodollar markets, money market dynamics, and global finance's future amidst emerging market challenges.

Central Banking Monetary Policy Regulatory Standards Global Finance Market Dynamics Financial Stability Geopolitical Impacts

The hottest Substack posts of Concoda

And their main takeaways
367 implied HN points • 07 Mar 24
  1. Higher bank reserves and lower Fed RRPs indicate looser financial conditions continuing.
  2. Falling bond volatility suggests a stable market.
  3. Tighter cross-currency bases point to ongoing financial stability.
264 implied HN points • 11 Mar 24
  1. The Repo Market is undergoing significant changes, with a shift to a secured monetary standard and challenges in the system prompting new adaptations.
  2. The Repo Market has become more systemic and fragmented, with different regions defined by various participants, securities, and settlement methods.
  3. The presence of triparty and interdealer markets within the Repo Market highlights the importance of central clearing in reducing risks and enhancing liquidity among major financial players.
151 implied HN points • 19 Mar 24
  1. Bond volatility is decreasing while dollar liquidity remains strong, but future macro events will play a role in its sustainability
  2. Recent changes in the repo market are being discussed to understand how regulations will impact its structure and trades within it
  3. Stay informed with regular updates on money market situations and rates to track financial trends
513 implied HN points • 13 Feb 24
  1. The Federal Reserve's Bank Term Funding Program (BTFP) is expiring after being used to address financial panic and market stimulation caused by banks' underwater assets.
  2. Following a series of bank failures in the aftermath of COVID-19's speculative boom, the Fed introduced the BTFP to provide a confidence boost and stabilize markets.
  3. The BTFP evolved into a risk-free arbitrage opportunity for banks, leading to its rapid increase in volumes before its sudden discontinuation in March 2024.
286 implied HN points • 28 Feb 24
  1. Readers value infographics as much as articles; 90% of the time spent creating a Concoda article is on graphics
  2. Infographics will now be sent as separate posts for immediate access and subscriber interaction
  3. Light versions of infographics will be included for subscribers, and a merch store is in the works as well
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286 implied HN points • 20 Feb 24
  1. Dollar liquidity remains high with low failures to deliver, stable bond volatility, tight dealer repo spreads, and tightening cross-currency bases
  2. Changes in the Fed's rescue mechanism are upcoming, as discussed in a recent post by Concoda
  3. Exploration of the transformation in the repo market and its potential impact on other dollar markets
308 implied HN points • 26 Jan 24
  1. The U.S. repo market is crucial for dollar funding but lacks transparency.
  2. The GCF repo serves as an interdealer market where traders compete for market-making spreads.
  3. Understanding the inner workings of the GCF repos unveils influential chains in global finance.
794 implied HN points • 01 May 23
  1. The banking system has evolved significantly post the 2007/08 Great Financial Crisis, leading to changes in global monetary standards and U.S. central bank's mechanisms.
  2. Regulatory standards like LCR, NSFR, and SLR have transformed major financial institutions into stable entities, impacting their ability to engage in certain financial activities.
  3. The Federal Reserve introduced new mechanisms like Jaws of the Fed™ to control money market rates and ensure financial stability, but faces a dilemma with vulnerabilities in its global lower jaws.
653 implied HN points • 27 May 23
  1. Monetary leaders are implementing new tools to prevent instability in the bond market and stimulate risk assets without central bank assistance.
  2. Regulatory constraints have hindered major liquidity providers in the Treasury market, leading to the need for Treasury buyback programs to enhance liquidity.
  3. The U.S. Treasury is set to conduct buyback programs in 2024 to manage cash, boost liquidity, and potentially lower expenses and yields in the secondary Treasury market.
356 implied HN points • 07 Aug 23
  1. The interbank market has changed significantly due to regulations like The Dodd-Frank Act and The Basel Framework.
  2. Banks are now less willing to lend to each other, with the shadow banking layer taking on their previous roles.
  3. The Federal Funds market, once vital for dollar funding, is in decline as a result of these shifts and regulations.
437 implied HN points • 18 Jun 23
  1. The repo market plays a crucial role in providing liquidity to the financial system globally.
  2. The repo market structure involves lenders like money market funds connecting with borrowers like hedge funds through various intermediaries.
  3. Recent changes in the repo market dynamics may lead to the Fed utilizing it as a tool for market stimulation.
356 implied HN points • 25 Jun 23
  1. Money markets are markets for lending and borrowing money efficiently
  2. Dealers borrow cash using repo and lend it out in reverse repo to earn a profit from the spread
  3. Understanding money market rates is key to navigating financial articles and terminology
502 implied HN points • 21 Mar 23
  1. There is a hidden battle within America's sovereign debt market that is about to transform.
  2. The regulatory focus is shifting towards increasing transparency in the Treasury market to subdue systemic risk.
  3. Implementing all-to-all trading in the Treasury market could democratize the market, enhance liquidity, and improve market resilience.
594 implied HN points • 07 Feb 23
  1. The Federal Reserve has gained significant power in financial markets due to the transition to secured lending standards.
  2. The traditional benchmark rate LIBOR is being phased out in favor of risk-free rates like SOFR, ushering in a new era of financial stability.
  3. The reliance on U.S. government securities is increasing, leading to the Federal Reserve having growing control over global finance.
389 implied HN points • 12 May 23
  1. Financial markets react swiftly to concerns about America's debt load.
  2. Debt ceiling stalemates can lead to extreme volatility and illiquidity in the Treasury market.
  3. Failing to raise the debt limit poses significant threats to financial stability and global markets.
405 implied HN points • 18 Apr 23
  1. Monetary leaders have created new risks while trying to eliminate old ones.
  2. There is a high demand for ultra-short-term Treasury paper due to an impending debt ceiling drama.
  3. Bilateral repos act as a sponge in the market, absorbing excess cash when the supply of bills is low.