Celebrating One Year of Pro

It’s been a year since launching Pro. During that time, in addition to great discussions via DMs and in person, we’ve guided readers through, among other scenarios, a bank balance sheet liberation, the takeoff and landing of money market rates during the climax of QT, the subsequent Great Compression as the Fed began expanding its balance sheet, and the effects of war — while also turning “the plumbing” into actionable ideas. We’ve also produced (without AI) extensive maps of the repo market, interbank markets, and other key systems along the way.

By the end of another year, we aim to have done the same, during what will presumably be a more volatile period in the rates space, with Warsh and POTUS adding further uncertainty. We also vow to go “where no plumber has gone before” and map out China’s obscure onshore and offshore plumbing.

To conclude this year, we were hoping to end on time with a full Pro edition on Warsh, but due to circumstances outside of work, we’ve been delayed slightly. Hopefully, our more frequent notes will suffice until completion.

To another year, and hope to see you in NYC/London.

Thanks for your readership.

Conks