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Steven Kelly, Associate Director of Research at the Yale Program on Financial Stability, returns to Forward Guidance to update Jack on the Federal Reserve\u2019s forthcoming plans to increase capital requirements for U.S. banks. Filmed on July 11, 2023.\n____\nFollow Steven Kelly on Twitter\xa0https://twitter.com/StevenKelly49\nFollow Jack Farley on Twitter\xa0https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter\xa0https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter\xa0https://twitter.com/Blockworks_\nKelly\u2019s latest \u201cWithout Warning\u201d Substack:\xa0https://www.withoutwarningresearch.com/p/the-macro-story-of-svb-isnt-just\n____\nUse code GUIDANCE20 to get 20% off Permissionless 2023 in Austin:\nhttps://blockworks.co/event/permissionless-2023Research, 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\xa0https://www.blockworksresearch.com/\n____\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\nhttps://rb.gy/5weeywMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter:\xa0https://rb.gy/feusos\n____\nTimecodes:\n(00:00) Introduction\n(02:45) Bank Capital Ratios, Explained\n(18:52) Busting Myths About Banks' Interest Rate Hedging\n(38:15) Accounting For Unrealized Losses\n(46:56) How Much Money Is Leaving the Banking System?\n(54:16) U.S. Banking System Is "Stable But More Fragile"\n(01:02:47) The Basel III Endgame\n(01:05:54) Interest Rates And Financial Stability\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.