Payne's Perspective: March 20, 2023: Whatever, Janet
Janet Yellen went before Congress and essentially said there are two Americas. Those living in large urban areas with billionaire donors to the Democratic party and heavy investments in clean energy and everyone else. Below is the Friday opening monologue for Making Money with Charles Payne.
While the Secretary of Treasury was telling Congress the banking system was healthy, the banking system was making maneuvers akin to a country bracing for an armed invasion or a coastal community preparing for a massive tidal wave.
The Discount Window
The Federal Reserve discount window borrowing surged to $152 billion in the week ending March 15th, up from $46 billion in the prior week. According to the Fed, these extensions of credit can help alleviate liquidity strains. Note: this number dwarfs peaks during Covid-19 and the Global Financial Crisis.
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