Raise your hand if you remember Y2K. If you don’t, let me give you a little back story.

Y2K, short for "Year 2000," refers to a computer bug that was expected to potentially cause widespread problems when the new millennium began on January 1, 2000. The concern arose because many computer systems and software at the time represented years using only the last two digits (e.g., '99' for 1999, '00' for 2000) to save memory and storage space. As a result, there was a fear that when the year rolled over from '99 to '00, computers might interpret it as the year 1900 instead of 2000. The fear over collapsing computer systems led to widespread concerns ranging from a financial collapse, air traffic disruptions, food shortages, to utility and infrastructure failures. Do you know what happened on January 1, 2000? Nothing. Absolutely nothing.

For the last 12-18 months, the Federal Reserve (or Fed) has been in the spotlight. The focus on the Fed has only increased over the last few weeks as the situation unfolds with Silicon Valley Bank, Signature Bank, among others. Financial markets have been at the edge of their seats waiting to see how high interest rates would go. Economists were ready to dig into the Fed’s Summary of Economic Projections. But if you’ve ever wondered what the Federal Reserve (or Fed) is designed to do, what it was meant to do, and why we care about it, then this is for you.

Earlier this week our institutional investment consultants published a communique on the Silicon Valley Bank and Signature Bank Exposure and Implications. Below is a summary and key takeaways that provide additional insight.

Cassius Clay, or Muhammad Ali, the widely regarded GOAT of professional boxing, could’ve been even bigger, socially speaking. Ali practically invented swagger. He talked the talk and walked the walk. Imagine the brand he could’ve created if his career overlapped with the TikTok era of social media.