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Jerome Schneider, managing director at PIMCO, is a maestro of short-term funding markets. He oversees PIMCO\u2019s >$300 Billion pool of short-term liquidity for investors (the asset side) and also devises strategies to efficiently and robustly fund PIMCO\u2019s longer-term investments (the liability side). Schneider gives in-depth insight on how key indicators in the short-term funding world have changed during and after the March 2023 banking crisis, such as liquidity, repo, and the shape of yield curve. Filmed the afternoon of Monday, April 17th, 2023.\nTo learn more about PIMCO, go to http://pimco.com/\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n____\nUse code GUIDANCE10 to get 10% off Permissionless 2023 in Austin:\nhttps://blockworks.co/event/permissionless-2023\n\nResearch, news, data, governance and models \u2013 now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/\n____\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\nhttps://rb.gy/5weeyw\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter: https://rb.gy/feusos\n____\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.\n____\nTimestamps:\n(00:00) Intro\n(07:47) Why Are 1-Month Treasury Bills Trading So Expensive ("Rich") To Other Interest Rates?\n(11:42) The Debt Ceiling\n(19:02) Permissionless\n(20:05) The Fed Has Done A Tremendous Job In Cutting Off Tail Risks For Funding\n(30:43) Thoughts On An Inverted Yield Curve\n(36:27) The Fed Pivot\n(41:59) Credit Risk In Short-Term Assets\n(44:16) Liquidity As Offense Rather Than Liquidity As Defense\n(48:44) Blockworks Research\n(49:44) Funding PIMCO's Leveraged Strategies\n(56:03) Closing Thoughts On Opportunities in Short-Term Markets\n(59:55) Will Banks Have To Pay More For Deposits?