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At roughly the 1:26:00 mark in the video below, Powell responded to a Politico reporters question on the failure of Silicon Valley Bank. Politico: Can you speak to the role you will be playing in the Fed's internal investigation on its supervision and regulation.
Powell Explains the Fed’s New Regime: Rate Hikes & QT to Fight Inflation while Offering Liquidity to Banks to Keep them from...Mar 23, 2023 - 06:58:12 PDT
An enormously important new regime gets engraved into central-bank handbooks. The ECB and Bank of England are also on board.
Initial jobless claims dropped (again) last week to 191k (fewer than expected) and once again standing in the face of anecdotal evidence of waves of headlines of mass layoffs.
Goldman Sachs on Thursday raised its gold price forecasts, describing it as the best hedge against financial risks, and reiterated its bullish view on commodities as a banking crisis has yet to spill over into physical markets.
Gold prices extended gains on Thursday after the Federal Reserve signalled a potential end to its monetary tightening cycle could be on the horizon.
Russia’s central bank said its bullion holdings jumped by 1 million ounces over the past year as it bought gold in the face of Western sanctions.
Mar 23, 2023 - 06:12:15 PDT
Every time there’s a banking crisis, some scratch their heads and wonder, how could this happen? Surely it must be greed, bad risk management, or a lack of regulation? More intervention should solve it. However, all those excuses miss the most critical point: The U.S. banking system was destroyed by design, and the big banks played along with it.
Investors are convinced the Federal Reserve will hike again this year and won’t pivot to monetary easing until 2024 — an outlook they see as bearish for stocks.
Differing Powell and Yellen Messages Were a Lot for the Stock Market to DigestMar 23, 2023 - 06:09:37 PDT
Traders are accustomed to a bumpy ride whenever Jerome Powell speaks. But when Powell speaks at the same time Janet Yellen is talking to Congress about the health of the banking sector, the turbulence can get overwhelming.
Economic writer Charles Hugh Smith has repeatedly warned [about] the "crapification" of the U.S. economy.... customers with scant other buying options are forced to accept that few purchases will last.
US left on sidelines as China-Russia ‘bro-fest’ cements ties Some uncomfortable realities of Xi’s visit to Putin in Moscow...
\Hindenburg Research said it will soon release a new report, two months after the US short seller’s explosive allegations against Adani Group wiped more than $100 billion off the Indian conglomerate’s market value.
Yellen Pulls Rug Out From Powell's Dovish Promises: Gold Gains As Banks BustMar 23, 2023 - 05:38:20 PDT
Yesterday, @SecYellen made reassuring comments that led the market and depositors to believe that all deposits were now implicitly guaranteed. That coupled with a leak suggesting that @USTreasury, @FDICgov and @SecYellen were looking for a way to guarantee all deposits reassured the banking sector and depositors.
An interest rate cut by the Federal Reserve later this year will be too late to boost the stocks and bonds of highly indebted companies, as funding access is already turning restrictive in the wake of the global banking turmoil, investment strategists say.
The legendary investor published a chart which quantifies the uninsured clients and unrealized capital losses for major regional banks.
A recession is certain and so are rate cuts this year. That’s the message from the bond market metric Federal Reserve Chairman Jerome Powell highlighted a year ago as the best guide to tip-off economic troubles in the US.
“They think they have the tools in place to contain the turmoil in the banking system,” Wells Fargo Chief Economist Jay Bryson said. “There certainly is a risk that this could be a bad decision.”
Distressed Debt Soars By 29%, Or $66 Billion, In One Week Amid Surge In BankruptciesMar 23, 2023 - 05:25:39 PDT
The cascade of defaulted regional US banks is blowing out the circulating inventory of distressed debt which expanded by about $65.9 billion last week as US insolvency courts saw six new, large bankruptcy filings, according to data compiled by Bloomberg.
Hedge Fund Billionaire Bill Ackman Says U.S. Economy Risks Heading Into a ‘Train Wreck'Mar 23, 2023 - 05:23:35 PDT
Bill Ackman blasts Yellen’s rejection of full deposit insurance: A ‘guarantee is needed to stop the bleeding’
The Federal Reserve has raised rates aggressively in the last year and projected on Wednesday its work raising rates is likely done. Dealing with the fallout of these moves, however, appears to be a project just getting underway.