I was listening to Caitlin Long while making dinner.

She was pointing out that the introduction of FedNow in a few months (they’ll be testing it in July, apparently) is going to exacerbate the proneness of the system to bank runs.

FedNow will be the infrastructure that all banks in the US will be using soon.

In a world where deposits can move faster than banks can settle their Treasuries (no matter their duration) is a ticking time bomb.

Oh boy…