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We have seen wild action in US treasuries in the past week. Traders plowed into leveraged bond shorts expecting more hikes.
Mar 15, 2023 - 12:07:23 PDT
Credit Suisse Group AG shares fell more than 25% Wednesday and hit a fresh record low, reflecting increasing concerns that troubles that hit regional U.S. banks have migrated across the Atlantic.
Mar 15, 2023 - 09:19:27 PDT
Market now expects FED to hike max. one more time by 25bps followed by 125bps cuts in total by end of 2023. And bond volatility is up the most since … the last financial crisis. No, not the K…
Credit Suisse CDS Explodes: Reportedly Urged SNB 'Show Of Confidence', ECB Quantifying ExposuresMar 15, 2023 - 09:17:56 PDT
It is possible that the regional banking crisis is not yet resolved and may even be spreading across the Atlantic.
Should the markets’ worst fears on Credit Suisse come true, the euro-area economy will fall off a cliff, upend the global financial system and bring policy tightening by major central banks to a screaming halt.
Mar 15, 2023 - 07:59:23 PDT
You can’t have the country feeling that it doesn’t matter if they save ... [You] could do whatever you want, because the government will bail you out
"When it comes to fiscal follies, this time is different. Let’s not pass the buck. Instead, let’s make the necessary sacrifices to ensure the long-run integrity of the United States. Let’s plant the trees." ~ Alexander William Salter
The Fed's approach is to reduce the cost of labor by causing a recession so that people stop eating out. This will not reduce the price of labor (wages will not go down) nor will it do anything for the cost of food itself.
The high-profile collapse of Silicon Valley Bank last week is a story about bad debt, just not in the way most people think.
Mar 15, 2023 - 07:21:43 PDT
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit.
President Biden's attempt to reassure Americans that the US banking sector is doing just fine had the opposite effect: banking stocks plunged after he spoke. Will his bailout-that-isn't-a-bailout shore up the economy or are we heading for 2008 on steroids?
Unless Congress acts quickly to extend blanket coverage (and deposit insurance fees) for all deposits, we will see more regional banks fail. Large banks are GSEs. Smaller banks are not, yet, but we suspect that the era of the uninsured deposit is over. FDIC should prepare to insure all deposits of US banks and tax the industry accordingly. The alternative is a debt deflation and return to 1933.
Mar 15, 2023 - 07:14:06 PDT
The Federal Reserve and Biden Administration are like one massive gaffe machine. And with it, the Empire State manufacturing outlook plunged to -24.6.
Mar 15, 2023 - 06:24:57 PDT
Moody’s placed six US banks on review for potential downgrades including First Republic Bank, Western Alliance Bancorp, Intrust Financial Corp., UMB Financial Corp., Zions Bancorp and Comerica Inc.
Gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets.
Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago.
BlackRock Inc Chief Executive Laurence Fink warned on Wednesday the U.S. regional banking sector remains at risk after the collapse of Silicon Valley Bank and that inflation will persist and rates would continue to rise.
It looks like the 'lag' from monetary policy is catching us up.
Bridgewater founder Ray Dalio says the Silicon Valley Bank collapse signals more turbulence ahead for the venture-capital industry and beyond.
‘Net Worth of Median Household Is Basically Nothing,’ Carl Icahn. ‘We Have Some Major Problems: MWMar 15, 2023 - 05:45:46 PDT
Carl Icahn is worried about the economy in the wake of action taken by the government to mitigate one of the largest bank failures in U.S. history.