veridelisi
@veridelisi.bsky.social
Fed, Money, Money Theory, Monetary Policy, Blockchain, Financial Accounting, Monetary History, Economics, Econ,
veridelisi.substack.com
veridelisi.substack.com
🐙 It’s a creature!
$2.9T locked in private & alternative funds
$1.8T flowing through registered vehicles
~$1.2T unclassified, off-radar 👻
Asset management isn’t one pool.
🧵📊 Substack coming up.
$2.9T locked in private & alternative funds
$1.8T flowing through registered vehicles
~$1.2T unclassified, off-radar 👻
Asset management isn’t one pool.
🧵📊 Substack coming up.
December 27, 2025 at 3:07 AM
🐙 It’s a creature!
$2.9T locked in private & alternative funds
$1.8T flowing through registered vehicles
~$1.2T unclassified, off-radar 👻
Asset management isn’t one pool.
🧵📊 Substack coming up.
$2.9T locked in private & alternative funds
$1.8T flowing through registered vehicles
~$1.2T unclassified, off-radar 👻
Asset management isn’t one pool.
🧵📊 Substack coming up.
The middle class owns things they live in.
The wealthy own things that earn.
Source:https://www.apolloacademy.com/wp-content/uploads/2025/11/113025_Chart.pdf
The wealthy own things that earn.
Source:https://www.apolloacademy.com/wp-content/uploads/2025/11/113025_Chart.pdf
December 26, 2025 at 8:45 PM
The middle class owns things they live in.
The wealthy own things that earn.
Source:https://www.apolloacademy.com/wp-content/uploads/2025/11/113025_Chart.pdf
The wealthy own things that earn.
Source:https://www.apolloacademy.com/wp-content/uploads/2025/11/113025_Chart.pdf
How Do Banks Build Equity Capital?
💰 Main engine
➡️ Earnings (net income + OCI) are the #1 driver of bank equity growth over time.
www.newyorkfed.org/medialibrary...
💰 Main engine
➡️ Earnings (net income + OCI) are the #1 driver of bank equity growth over time.
www.newyorkfed.org/medialibrary...
December 26, 2025 at 7:17 PM
How Do Banks Build Equity Capital?
💰 Main engine
➡️ Earnings (net income + OCI) are the #1 driver of bank equity growth over time.
www.newyorkfed.org/medialibrary...
💰 Main engine
➡️ Earnings (net income + OCI) are the #1 driver of bank equity growth over time.
www.newyorkfed.org/medialibrary...
📈🇺🇸U.S. Treasury Yield Curve
📈🇺🇸10Y – 3M Spread
Daily curves, term structure dynamics, and key rate signals.
👉 veridelisi.streamlit.app/Yield
📈🇺🇸10Y – 3M Spread
Daily curves, term structure dynamics, and key rate signals.
👉 veridelisi.streamlit.app/Yield
December 24, 2025 at 6:42 PM
📈🇺🇸U.S. Treasury Yield Curve
📈🇺🇸10Y – 3M Spread
Daily curves, term structure dynamics, and key rate signals.
👉 veridelisi.streamlit.app/Yield
📈🇺🇸10Y – 3M Spread
Daily curves, term structure dynamics, and key rate signals.
👉 veridelisi.streamlit.app/Yield
📊🏦 Who actually holds U.S. bank reserves?
New interactive FDIC Reserves page 👇
🔗 veridelisi.streamlit.app/FDIC
New interactive FDIC Reserves page 👇
🔗 veridelisi.streamlit.app/FDIC
December 23, 2025 at 5:40 PM
📊🏦 Who actually holds U.S. bank reserves?
New interactive FDIC Reserves page 👇
🔗 veridelisi.streamlit.app/FDIC
New interactive FDIC Reserves page 👇
🔗 veridelisi.streamlit.app/FDIC
♻️ New repo page is live!
📊 U.S. repo markets using official OFR data
Tri-party • DVP • GCF
💵 Repo market plumbing, visualized.
We 💕💕💕@OFRgov
veridelisi.streamlit.app/Repo2
📊 U.S. repo markets using official OFR data
Tri-party • DVP • GCF
💵 Repo market plumbing, visualized.
We 💕💕💕@OFRgov
veridelisi.streamlit.app/Repo2
December 22, 2025 at 6:43 PM
♻️ New repo page is live!
📊 U.S. repo markets using official OFR data
Tri-party • DVP • GCF
💵 Repo market plumbing, visualized.
We 💕💕💕@OFRgov
veridelisi.streamlit.app/Repo2
📊 U.S. repo markets using official OFR data
Tri-party • DVP • GCF
💵 Repo market plumbing, visualized.
We 💕💕💕@OFRgov
veridelisi.streamlit.app/Repo2
Governor of the Serbian central bank:
We held 14.8 tonnes of gold in 2012. Today, we hold 52 tonnes.
"Gold in our system is treated as an instrument of stability"
??????
Source:https://nbs.rs/en/scripts/showcontent/index.html?id=21045
We held 14.8 tonnes of gold in 2012. Today, we hold 52 tonnes.
"Gold in our system is treated as an instrument of stability"
??????
Source:https://nbs.rs/en/scripts/showcontent/index.html?id=21045
December 21, 2025 at 6:18 PM
Governor of the Serbian central bank:
We held 14.8 tonnes of gold in 2012. Today, we hold 52 tonnes.
"Gold in our system is treated as an instrument of stability"
??????
Source:https://nbs.rs/en/scripts/showcontent/index.html?id=21045
We held 14.8 tonnes of gold in 2012. Today, we hold 52 tonnes.
"Gold in our system is treated as an instrument of stability"
??????
Source:https://nbs.rs/en/scripts/showcontent/index.html?id=21045
PBOC on stablecoins
Source:https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html
Source:https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html
December 21, 2025 at 6:08 PM
PBOC on stablecoins
Source:https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html
Source:https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html
For a long time, securities were reducing reserves on a weekly basis, as the Fed was not purchasing new Treasuries.
With the Fed’s new decision, securities have started to increase reserves again.
🪪https://veridelisi.streamlit.app/Reserves
With the Fed’s new decision, securities have started to increase reserves again.
🪪https://veridelisi.streamlit.app/Reserves
December 21, 2025 at 6:02 PM
For a long time, securities were reducing reserves on a weekly basis, as the Fed was not purchasing new Treasuries.
With the Fed’s new decision, securities have started to increase reserves again.
🪪https://veridelisi.streamlit.app/Reserves
With the Fed’s new decision, securities have started to increase reserves again.
🪪https://veridelisi.streamlit.app/Reserves
BlackRock casually drops this on their page:
“Carlyle: demographic-driven sectors are 52% less volatile than GDP-driven sectors.”
Source:
🔍 trust me
📈 proprietary vibes
🧠 very serious spreadsheet
“Carlyle: demographic-driven sectors are 52% less volatile than GDP-driven sectors.”
Source:
🔍 trust me
📈 proprietary vibes
🧠 very serious spreadsheet
December 20, 2025 at 3:10 AM
BlackRock casually drops this on their page:
“Carlyle: demographic-driven sectors are 52% less volatile than GDP-driven sectors.”
Source:
🔍 trust me
📈 proprietary vibes
🧠 very serious spreadsheet
“Carlyle: demographic-driven sectors are 52% less volatile than GDP-driven sectors.”
Source:
🔍 trust me
📈 proprietary vibes
🧠 very serious spreadsheet
Although the tri-party BNY segment ($1.9 trillion) is the largest single repo market, bilateral markets collectively account for a larger share of total repo activity.
veridelisi.substack.com/p/understand...
veridelisi.substack.com/p/understand...
December 17, 2025 at 7:47 PM
Although the tri-party BNY segment ($1.9 trillion) is the largest single repo market, bilateral markets collectively account for a larger share of total repo activity.
veridelisi.substack.com/p/understand...
veridelisi.substack.com/p/understand...
🏦 Who actually holds Fed reserves?
🔹 Insured U.S. banks hold the largest share
🌍 Foreign banks’ U.S. branches come next
🤝 Credit unions hold only a small slice
veridelisi.substack.com/p/who-holds-...
🔹 Insured U.S. banks hold the largest share
🌍 Foreign banks’ U.S. branches come next
🤝 Credit unions hold only a small slice
veridelisi.substack.com/p/who-holds-...
December 16, 2025 at 6:05 PM
🏦 Who actually holds Fed reserves?
🔹 Insured U.S. banks hold the largest share
🌍 Foreign banks’ U.S. branches come next
🤝 Credit unions hold only a small slice
veridelisi.substack.com/p/who-holds-...
🔹 Insured U.S. banks hold the largest share
🌍 Foreign banks’ U.S. branches come next
🤝 Credit unions hold only a small slice
veridelisi.substack.com/p/who-holds-...
Number of 🏦: 4,452
Total reserves: 1,772,647,048,000
The distribution tells a simple story:
• The top 10 banks hold a massive share
• The top 20 dominate even more
• By the top 50, most reserves are already concentrated
Total reserves: 1,772,647,048,000
The distribution tells a simple story:
• The top 10 banks hold a massive share
• The top 20 dominate even more
• By the top 50, most reserves are already concentrated
December 15, 2025 at 5:08 PM
Number of 🏦: 4,452
Total reserves: 1,772,647,048,000
The distribution tells a simple story:
• The top 10 banks hold a massive share
• The top 20 dominate even more
• By the top 50, most reserves are already concentrated
Total reserves: 1,772,647,048,000
The distribution tells a simple story:
• The top 10 banks hold a massive share
• The top 20 dominate even more
• By the top 50, most reserves are already concentrated
The Fed cut rates. Here’s the new money market corridor.
December 12, 2025 at 2:35 PM
The Fed cut rates. Here’s the new money market corridor.
📉Since 2021, the Fed’s ON RRP has undergone a regime shift:
• “Others” (MMFs) exploded to ~$2.4T in 2022
• Then collapsed as QT, TGA drawdowns, and bill supply re-routed cash
• Foreign official & international accounts stayed remarkably stable
🧵👇
• “Others” (MMFs) exploded to ~$2.4T in 2022
• Then collapsed as QT, TGA drawdowns, and bill supply re-routed cash
• Foreign official & international accounts stayed remarkably stable
🧵👇
December 12, 2025 at 2:03 PM
📉Since 2021, the Fed’s ON RRP has undergone a regime shift:
• “Others” (MMFs) exploded to ~$2.4T in 2022
• Then collapsed as QT, TGA drawdowns, and bill supply re-routed cash
• Foreign official & international accounts stayed remarkably stable
🧵👇
• “Others” (MMFs) exploded to ~$2.4T in 2022
• Then collapsed as QT, TGA drawdowns, and bill supply re-routed cash
• Foreign official & international accounts stayed remarkably stable
🧵👇
📊💵 U.S. Banking System Reserves — Who Holds the Power?
Top 20 U.S. banks by reserve balances at the Fed — and the concentration is wild:
🏦 Citibank alone holds 10.46% of system reserves
🏦 BoA + Wells Fargo push the top-3 above 27%
🔒 Reserve holdings are highly concentrated in a handful of giants
Top 20 U.S. banks by reserve balances at the Fed — and the concentration is wild:
🏦 Citibank alone holds 10.46% of system reserves
🏦 BoA + Wells Fargo push the top-3 above 27%
🔒 Reserve holdings are highly concentrated in a handful of giants
December 10, 2025 at 5:15 PM
📊💵 U.S. Banking System Reserves — Who Holds the Power?
Top 20 U.S. banks by reserve balances at the Fed — and the concentration is wild:
🏦 Citibank alone holds 10.46% of system reserves
🏦 BoA + Wells Fargo push the top-3 above 27%
🔒 Reserve holdings are highly concentrated in a handful of giants
Top 20 U.S. banks by reserve balances at the Fed — and the concentration is wild:
🏦 Citibank alone holds 10.46% of system reserves
🏦 BoA + Wells Fargo push the top-3 above 27%
🔒 Reserve holdings are highly concentrated in a handful of giants
Who Owns the Gold in New York?
Beneath Manhattan lies 6,331 tons of sovereign gold.
Most of it doesn’t belong to the U.S.
Why has the world stored its wealth under Liberty Street for 100 years?
New research out soon on @VeriDelisi 📊🔑💰
veridelisi.substack.com/p/who-really...
Beneath Manhattan lies 6,331 tons of sovereign gold.
Most of it doesn’t belong to the U.S.
Why has the world stored its wealth under Liberty Street for 100 years?
New research out soon on @VeriDelisi 📊🔑💰
veridelisi.substack.com/p/who-really...
December 9, 2025 at 3:00 PM
Who Owns the Gold in New York?
Beneath Manhattan lies 6,331 tons of sovereign gold.
Most of it doesn’t belong to the U.S.
Why has the world stored its wealth under Liberty Street for 100 years?
New research out soon on @VeriDelisi 📊🔑💰
veridelisi.substack.com/p/who-really...
Beneath Manhattan lies 6,331 tons of sovereign gold.
Most of it doesn’t belong to the U.S.
Why has the world stored its wealth under Liberty Street for 100 years?
New research out soon on @VeriDelisi 📊🔑💰
veridelisi.substack.com/p/who-really...
The world’s 🧈🧈🧈🧈 under Wall Street.
Not America’s gold.
Almost nobody knows.
Stay tuned on veridelisi.substack.com. 👀
Not America’s gold.
Almost nobody knows.
Stay tuned on veridelisi.substack.com. 👀
December 8, 2025 at 7:54 PM
The world’s 🧈🧈🧈🧈 under Wall Street.
Not America’s gold.
Almost nobody knows.
Stay tuned on veridelisi.substack.com. 👀
Not America’s gold.
Almost nobody knows.
Stay tuned on veridelisi.substack.com. 👀
🇩🇪💰 Germany's Gold at the FRBNY:
Did you know Germany holds a massive portion of the foreign gold stored in NYC?
Total Earmarked Gold at FRBNY: 5,865 metric tonnes
Germany’s Share: 1,236 metric tonnes (21%)
Did you know Germany holds a massive portion of the foreign gold stored in NYC?
Total Earmarked Gold at FRBNY: 5,865 metric tonnes
Germany’s Share: 1,236 metric tonnes (21%)
December 8, 2025 at 2:07 AM
🇩🇪💰 Germany's Gold at the FRBNY:
Did you know Germany holds a massive portion of the foreign gold stored in NYC?
Total Earmarked Gold at FRBNY: 5,865 metric tonnes
Germany’s Share: 1,236 metric tonnes (21%)
Did you know Germany holds a massive portion of the foreign gold stored in NYC?
Total Earmarked Gold at FRBNY: 5,865 metric tonnes
Germany’s Share: 1,236 metric tonnes (21%)
Gold that isn’t really yours.
A vault that isn’t really home.
Earmarked gold explained next Friday at veridelisi.substack.com
🔒🌎
A vault that isn’t really home.
Earmarked gold explained next Friday at veridelisi.substack.com
🔒🌎
December 6, 2025 at 5:01 PM
Gold that isn’t really yours.
A vault that isn’t really home.
Earmarked gold explained next Friday at veridelisi.substack.com
🔒🌎
A vault that isn’t really home.
Earmarked gold explained next Friday at veridelisi.substack.com
🔒🌎
Modern Monetary System in Theory and Practice: Who Creates Money?
This book offers a clear and comprehensive explanation of how money is actually created and circulated in today’s monetary system.
a.co/d/3ZdIE0U
This book offers a clear and comprehensive explanation of how money is actually created and circulated in today’s monetary system.
a.co/d/3ZdIE0U
December 6, 2025 at 2:53 AM
Modern Monetary System in Theory and Practice: Who Creates Money?
This book offers a clear and comprehensive explanation of how money is actually created and circulated in today’s monetary system.
a.co/d/3ZdIE0U
This book offers a clear and comprehensive explanation of how money is actually created and circulated in today’s monetary system.
a.co/d/3ZdIE0U
The tightly interconnected micro-universe of the green and red dollars.
🇺🇸 Treasury Securities: $28T
🏦 Bank Deposits: $18.3T
🌍 Eurodollar Market: $13.9T
🔄 Repo Daily Volume: $5T
🇺🇸 Treasury Securities: $28T
🏦 Bank Deposits: $18.3T
🌍 Eurodollar Market: $13.9T
🔄 Repo Daily Volume: $5T
December 3, 2025 at 4:52 PM
The tightly interconnected micro-universe of the green and red dollars.
🇺🇸 Treasury Securities: $28T
🏦 Bank Deposits: $18.3T
🌍 Eurodollar Market: $13.9T
🔄 Repo Daily Volume: $5T
🇺🇸 Treasury Securities: $28T
🏦 Bank Deposits: $18.3T
🌍 Eurodollar Market: $13.9T
🔄 Repo Daily Volume: $5T
The new ESF report confirms it:
🇺🇸–🇦🇷 had a $20B swap line, and Argentina quietly drew $2.5B in Oct 2025 through a peso-for-dollars swap.
📉 The rest of the line remains untouched
home.treasury.gov/system/files...
🇺🇸–🇦🇷 had a $20B swap line, and Argentina quietly drew $2.5B in Oct 2025 through a peso-for-dollars swap.
📉 The rest of the line remains untouched
home.treasury.gov/system/files...
November 30, 2025 at 1:06 AM
The new ESF report confirms it:
🇺🇸–🇦🇷 had a $20B swap line, and Argentina quietly drew $2.5B in Oct 2025 through a peso-for-dollars swap.
📉 The rest of the line remains untouched
home.treasury.gov/system/files...
🇺🇸–🇦🇷 had a $20B swap line, and Argentina quietly drew $2.5B in Oct 2025 through a peso-for-dollars swap.
📉 The rest of the line remains untouched
home.treasury.gov/system/files...
November 25, 2025 at 4:28 PM