Market Intelligence

The End of a Cycle Nobody could have seen the coronavirus crisis coming, but everyone knew that the recovery from the last financial crisis couldn’t go on forever. Banking is a cyclical industry. Since the birth of the modern American banking industry more than a century and a half ago, there has been some sort of financial panic or crisis on average once every dozen or so years. The unfolding crisis signifies the end of another cycle. You can see this by looking at the trend in the federal funds rate, the rate banks charge each other to lend the…