This problem has sort of been visible for a bit, the first time I remember it was toward that latter half of 2018. I felt this was sort of an even-handed ponder

This problem has sort of been visible for a bit, the first time I remember it was toward that latter half of 2018. I felt this was sort of an even-handed pondering of the ramifications. https://ftalphaville.ft.com/2019/01/29/1548762302000/Don-t-fear-the-year-end-funding-squeeze/ https://ftalphaville.ft.com/2019/01/29/1548762302000/Don-t-f... One bit in there is this: >Second, as a result of the above, nobody really knows what the true cost of regulating the system is, or to what degree Basel III has changed the market in terms of elasticity. In the OP article, this was the thing where I have mixed feelings: >JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has put the blame on regulators themselves. He said in October that his firm had the cash and willingness to calm short-term funding markets but liquidity rules for banks held it back. On the one hand, I think it reasonable to sprinkle a little salt over anything coming from the global banks, especially when they are telling you they want to be regulated less. But on the other hand, JPMorgan for whatever reason really does seem to want to be that quasi-lender of last resort at the right price. They did it last year. I think Kaminska in my linked article has a pretty fair view that post-crisis regulation changed the game in ways we might not fully acknowledge or be aware of.