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Cash Stashed in Funds Instead of Banks Fuels US Recession Risks: BloombergMar 30, 2023 - 07:51:36 PDT
Money-market mutual funds are proving an irresistible place for investors to park their cash right now instead of banks. The amount squirreled away in them has surged to more than $5 trillion and that risks becoming a problem for the US economy if that grows too much and too quickly.
Small Banks Are Losing to Big Banks. Their Customers Are About to Feel It: WSJMar 30, 2023 - 07:49:49 PDT
Banks too big to fail are gaining deposits: “How can I compete for new business with that big enchilada out there?”
Bank of England Calls for Urgent Action on Funds That Nearly Toppled UK Financial SystemMar 30, 2023 - 07:47:28 PDT
he Bank of England has called for urgent action to address a weak spot in the UK financial system as persistent worries about the global banking sector threaten to unleash fresh market turmoil.
Recent banking sector turmoil is a reminder that work on reforms remains unfinished, and there is a need to "consider whether deregulation may have gone too far," US Treasury Secretary Janet Yellen plans to say Thursday.Referring to banking turmoil and the pandemic, she said: "These events remind us of the urgent need to complete unfinished business."
Anyone who thinks the banking crisis is over has never lived through one. This is my tenth, starting with Herstatt. And this one is just getting started, despite all the happy talk that the crisis is over.
Practically on cue, politicians began their public hearings yesterday about the recent banking crisis. This was so predictable; every time there’s a major crisis, Congressmen book a committee meeting…
An old saying cautions one to be careful of what one wishes for. Stock investors wishing for the Federal Reserve to pivot may want to rethink their logic and review the charts.
Don’t Let the Headlines Fool You about a Tiny Month-to-Month Uptick in Pending Home Sales...Mar 30, 2023 - 07:33:01 PDT
Spring selling season volume lowest since Housing Bust 1.
The Most Splendid Housing Bubbles in America, March Update: Biggest Monthly Price Drops Now...Mar 30, 2023 - 07:30:33 PDT
Double-digit drops from peak in San Francisco Bay Area, Seattle, San Diego, Phoenix, Las Vegas.
China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said Wednesday, Beijing's latest salvo against the almighty greenback.
The Central Bank of Russia recently reported a gain of 30 metric tonnes in its gold reserves. That’s after a year of flatlining, more likely due to non-reporting than non-acquisition. That’s just another sanctions failure for the Biden administration.
Gold prices reversed course to trade higher, as a slightly softer dollar helped counter risk appetite fueled by easing concerns about the global banking system.
Q4 GDP Comes In Below Estimates On Sharp Slowdown In Personal Spending Ahead Of Looming Credit CrunchMar 30, 2023 - 06:03:17 PDT
n the least relevant data point on what will otherwise be a quiet day on the data front, moments ago the BEA reported its third and final Q4 GDP estimate (to be fair this number will still be revised numerous time in coming years), and it continued the trend of declines, having printed 2.9% in the first estimate in January (above the 2.6% estimate), it then dropped to 2.7% in the...
Jobless Claims Continue To Shrug Off Fed Tightening & Real-World HeadlinesMar 30, 2023 - 05:52:04 PDT
Continuing claims dropped very modestly but have basically gone nowhere in four months but initial jobless claims limped higher last week (from 191k to 198k), which was slightly worse than expected (196k)...
Elon Musk & Other Tech Leaders Call For Pause on ‘Dangerous Race’ to Make A.I. As Advanced as HumansMar 30, 2023 - 05:47:23 PDT
Artificial intelligence labs have been urged by Elon Musk and numerous other tech industry figures to stop training AI systems more powerful than GPT-4.
The world should take him seriously.
‘It’s Not a Pretty Picture’: Russia’s Support Is Growing in the Developing WorldMar 30, 2023 - 05:46:07 PDT
Russia's sphere of influence is growing as propaganda and diplomatic efforts gather momentum, analysts suggest.
Treasury Secretary Janet Yellen told lawmakers that the Biden administration’s proposed international aid spending in Ukraine and elsewhere is critical to strengthening Washington’s leadership abroad and advancing American security interests. Congressional Republicans said US assistance could be better used for domestic priorities.
Sugar, consumed in everything from chocolate to fizzy drinks and baked products, is becoming ever more expensive, raising costs for the industry and keeping up pressure on global food inflation.
]The $256 billion market for additional tier 1 debt is still reeling from Credit Suisse Group AG’s debt wipeout.