I'm reminded of a story I heard in an interview of a Fed insider. They had an initiative designed to onboard Wall Street talent to counter the fact that so much of the modern financial system was building up outside of traditional regulated banking. Meanwhile the street was increasingly reliant on alternative data sources that were not in Fed reports. So they wanted people who could give the real scoop on what was happening in rainbow markets. Maybe someone going to go " Everyone knows SVB is loading up on massive amounts of duration risk at crazy prices, but what else could they do? This was always the in-game of FED ZIRP policy and now it's accelerating the critical levels right under the surface... "
Anyway, They had a decent response and the initiative and a pile of resumes, but the Fed ended up promoting internally to higher pay grades, end of story. High "IQ" smart initiative with a good response, but they didn't have the right teams with enough reach an institutional leverage implementing it. I would be shocked if the outcome is anything but that, at best. Too bad, because the initiative isn't necessarily a bad idea, but it's certainly off to a bad start with Musk at the helm. Sub 10% chance of success in my eyes.