We start today's podcast discussing why EU regulators are furious with their US counterparts. We then move onto an analysis of the bank reserves as a percentage of their assets and why we are seeing some interesting trends appearing. We then discuss why the end of LIBOR on 30th June 2023 could pose a serious threat to financial stability and then discuss the illiquidity we are seeing in bond markets. We then move onto how the FEd has abruptly reversed course with respect to QTand now is adopting QE in earnest and developments at the Fed Discount Window which has ominous signs. We also mention the current status of the RRP and SOFR markets and why SPVs setup during the onset of the pandemic may be another issue affecting financial stability. We conclude assessing current developments at First Republic bank.