$300 Billion Investor On The State of Liquidity After Silicon Valley Bank’s Collapse

Jerome Schneider, managing director at PIMCO, is a maestro of short-term funding markets. He oversees PIMCO’s pool (in excess of $300 Billion) of short-term liquidity for investors (the asset side) and also devises strategies to efficiently and robustly fund PIMCO’s 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.

To learn more about PIMCO, go to http://pimco.com/
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Disclaimer: 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.
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Timestamps:
00:00 Intro
07:47 Why Are 1-Month Treasury Bills Trading So Expensive ("Rich") To Other Interest Rates?
11:42 The Debt Ceiling
19:02 Permissionless
20:05 The Fed Has Done A Tremendous Job In Cutting Off Tail Risks For Funding
30:43 Thoughts On An Inverted Yield Curve
36:27 The Fed Pivot
41:59 Credit Risk In Short-Term Assets
44:16 Liquidity As Offense Rather Than Liquidity As Defense
48:44 Blockworks Research
49:44 Funding PIMCO's Leveraged Strategies
56:03 Closing Thoughts On Opportunities in Short-Term Markets
59:55 Will Banks Have To Pay More For Deposits?