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A bipartisan majority of Americans oppose U.S. taxpayers footing the bill when bad management causes a bank to fail, though Republican opposition to bank bailouts has softened over the last decade, a Reuters/Ipsos poll completed on Wednesday found.
German Chancellor Olaf Scholz said the European Union needs to tighten integration of its banking and finance sectors to bolster a transition to green technologies.
The Treasury Department is actively reviewing the US financial sector’s exposure to Credit Suisse Group AG after the bank’s stock saw its biggest one-day drop on record, according to people familiar with the matter.
First Republic Bank Stock Extends Steep Losses Amid Reports It’s Considering a Possible Sale: MWMar 16, 2023 - 05:36:13 PDT
First Republic stock is down another 26% on reports the lender is exploring a sale, after being hit by fears of further deposit flight.
The Federal Reserve’s cornerstone method for determining whether US banks can survive an economic crisis has for years had a glaring oversight: Regulators haven’t tested a scenario that resembles the economy of 2023, and the financial conditions that precipitated the downfall of Silicon Valley Bank, in nearly a decade.
Wild Swings Rock US Bond Market After Bank Meltdowns, Crisis at Credit SuisseMar 16, 2023 - 05:34:13 PDT
Pockets of the world’s deepest bond market are starting to buckle under soaring trading volumes and wild swings as bank meltdowns compel traders to slash rate hike bets.
The biggest US banks have been whittling down their direct exposure to Credit Suisse Group AG for months as the Swiss lender stumbled from one crisis to the next.
The cost of insuring the bonds of Credit Suisse Group AG against default dropped, though they remained in distressed territory, after the lender said it would tap Switzerland’s central bank for fresh liquidity.
The Federal Reserve’s emergency loan program may inject as much as $2 trillion of funds into the US banking system and ease the liquidity crunch, according to JPMorgan Chase & Co.
The yen is making a push to regain its crown as the go-to haven as a banking crisis dents the appeal of its US and European peers.
The European Central Bank’s plan to raise interest rates by another half-point on Thursday has been thrown into question by banking turmoil that began in the US but has since landed with a jolt much closer to home.
It was Federal Reserve policy, not crypto, which was the primary culprit in the bankruptcies of Silicon Valley Bank and Signature Bank, according to Ark Investment chief Cathie Wood.
Goldman ringing some alarm bells.
Treasury Secretary Yellen to Tell Congress ‘Our Banking System Remains Sound'Mar 16, 2023 - 05:23:34 PDT
Finance Committee on Thursday the U.S. banking system remains "sound" as the impacts of three bank failures in less than a week continue to be felt in financial markets and beyond.
How Credit Suisse Just Unleashed a Nightmare Decision for the Fed and the ECBMar 16, 2023 - 05:22:54 PDT
Credit Suisse added more gas on the banking fire, exacerbating an already tough decision for central banks.
Futures Rally Fizzles As SNB Bailout Underwhelms, Banking Fears Linger, ECB LoomsMar 16, 2023 - 05:21:58 PDT
Well, we warned last night that the euphoria from the "rescue" of Credit Suisse in the form of a CHF50 billion (priming DIP) loan from the ECB would not last long, to wit:
Investors were buoyed by Credit Suisse’s announcement that it would borrow up to 50 billion Swiss Francs ($53.7 billion) offered by the Swiss National Bank to “to pre-emptively strengthen its liquidity.”
After ending 2022 on an upward trend that continued into January, Chinese gold demand surged again in February as the economy continues to rebound from government-imposed COVID policies.Gold withdrawals from the Shanghai Gold Exchange (SGE) totaled 169 tons in February. This is a reflection of strong wholesale demand and signals an ongoing rebound in the world's biggest gold market.
As the old saying goes, if it looks like a duck, walks like a duck, and quacks like a duck, it's probably a duck.Well, if it looks like a bailout, walks like a bailout, and talks like a bailout, it's probably a bailout.
Wall-Street For Mainstreet SRSrocco Report Interview: More Shorter Term Boom & Bust CyclesMarch 16, 2023
As the world hits the ENERGY CLIFF, the Boom & Bust Cycles will become even more extreme and shorter in duration. I sat down with Jason at Wall Street For Mainstreet and discussed what is taking place in energy, mining, the economy, and precious metals...