By now many of you have heard that the Fed and Treasury stepped in to rescue SVB and its depositors, and they instituted a new program called BTFP. There’s a ton of confusion about the program and whether it’s mildly inflationary, a new form of QE, or even outright money printing, as Bloodgood suggests here.

But what exactly is BTFP, and is it any or all of these?

The short answer is yes, no, maybe, and yes.

It’s super important for the overall state of banks today, though, and therefore the state of the financial system. The global financial system, that is. But no worry, we’re going to unpack all this nice and easy, as always, for you today.

So, grab that cup of coffee, saddle up, and settle in. It’s Informationist time.