https://www.milantorres.com Policy analysis: Federal Reserve commentary, 21st Century ROAD to Housing Act, private markets and KKR 40-APP filings. By Milan Torres. en-us © 2026 Milan Torres. Working thoughts, not advice. Mon, 11 May 2026 23:08:40 +0000 Thu, 30 Apr 2026 12:00:00 +0000 https://www.rssboard.org/rss-specification milantorres-rss-builder/1.0 rss@milantorres.com (Milan Torres) rss@milantorres.com (Milan Torres) https://www.milantorres.com/private-markets?utm_source=rss&utm_medium=policy-feed https://www.milantorres.com/private-markets Thu, 30 Apr 2026 12:00:00 +0000 policy Newest KKR 40-APP amendment filed 4/27/26 adds Muskoka JV LLC. Gundlach on the 4/29/26 Closing Bell predicting 'humungous withdrawal requests' from interval funds around what he calls the Ides of June. Weisenthal and Alloway on the 4/30/26 OddLots on the rising value of on-the-ground information that hasn't yet become AI training data. Milan Torres https://www.milantorres.com/private-markets?utm_source=rss&utm_medium=policy-feed https://www.milantorres.com/private-markets Wed, 15 Apr 2026 12:00:00 +0000 policy Two KKR funds with gated redemptions (K-FIT, K-ABF) need permission to co-invest via 40-APP filings. The pending application adds two Capital Group interval funds alongside KKR entities. Risk hasn't disappeared — it has redistributed through small banks (traditional lending), large banks (NDFI), insurers, and now potentially 401(k) participants. If bank regulators already touch most of the funding chain, why not let them follow it all the way through? Milan Torres https://www.milantorres.com/fed?utm_source=rss&utm_medium=policy-feed#warsh-powell-fat-tails https://www.milantorres.com/fed#warsh-powell-fat-tails Mon, 30 Mar 2026 12:00:00 +0000 policy Warsh at a Senate hearing on taking out tail risks and one-off items to assess second-order price effects. Powell at Harvard 3/30/26: 'however fat you think they are, they're fatter than that.' Snapshot of the Federal Reserve February 1975 GreenBook — the first FOMC document to include the measure of inflation excluding food and energy. Milan Torres https://www.milantorres.com/road-act?utm_source=rss&utm_medium=policy-feed https://www.milantorres.com/road-act Wed, 25 Mar 2026 12:00:00 +0000 policy Senate version's Section 205 conditions federal community development dollars on housing production (10% docking). Section 901 explicitly exempts build-to-rent with a 7-year disposal requirement that REITs may avoid via the prohibited transaction tax exemption. Senate amendment bans Fed CBDC (sunsets 2030); House version discusses community banks. Includes the Housing Supply Entity Map interactive. Milan Torres