Congress created the Federal Home Loan Banks (FHLBs) in 1932 to support housing finance. At March 31, 2026, the third-largest borrower in the system was Apollo Global Management, with $28.2 billion of advances outstanding—behind Wells Fargo and Truist, and ahead of every other bank in the country.

In financial markets, the big question on everyone's mind these days is whether or not AI will produce enough profits down the road to justify sky-high stock valuations and aggressive corporate bond issuance. I think the answer is no, for two reasons: 1. Most of the benefits

We are living in a truly fiscally profligate era. From 2022-2025, Treasuries held outside the U.S. government but counting the Fed (Z.1 Table F.3.2) increased from $21.5 trillion to $28.5 trillion, absent any major recession or crisis. So the question is, who has

Last Friday’s nonfarm payrolls release came in at +172k versus consensus estimates of +85k. Financial news outlets described it as a “blockbuster” result. I disagree. * 86% of the net job creation over the past three months came in sectors paying at or below the national 2025 full-time median

Two historical episodes show what happens when Fed chairs face presidential pressure: Burns capitulated to Nixon and got stagflation. Eccles resisted Truman and won independence. Powell has chosen resistance. History suggests that's good for the economy.

I started digging into the One Big Beautiful Bill Act (OBBBA) a few days ago thinking I'd write about its impact on student loan markets. What I found instead was more interesting: a provision that could force the closure of many law schools, depending entirely on how the