I am unhappy to report bad news.

The Fed has now broken the glass.

Just before the failure of the CME clearing firm on Friday, the Fed has BEGUN to issue waivers to Reg 23A to banks with broker-dealer affiliates, just like in 2008, before the collapse.

The broker-dealers are in trouble without access to their affiliate banks Fed access.

Additionally, one of the letters concerns Money Market Mutual Fund assets – I’ve never seen that before.

And this time, they are not naming the banks.