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Bonds rallied, reversing earlier declines, and traders pared wagers on higher interest rates as fears grew that turmoil in the US banking sector could spread to Europe.
Global Investment Giant Credit Suisse Plunges Record Low as Biggest Backer Rules Out Investing MoreMar 15, 2023 - 05:14:45 PDT
Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion).
U.S. stock futures were sharply lower Wednesday morning ahead of February’s retail sales print as fresh turmoil at Credit Suisse (CS) weighed on sentiment.
The crash spilled over into other European banking shares, with French and German banks such as BNP Paribas, Societe Generale, Commerzbank and Deutsche Bank falling between 8% and 10%.
The annual rise in the Consumer Price Index (CPI) for February came in at 6%. This was down from the 6.4% annual increase charted in January. The eighth straight monthly decline in CPI seems to have restored faith that the Federal Reserve is winning the inflation fight. But everybody should probably stop and remember that the target is 2%.Six percent is a lot bigger than 2%.
On June 14, 2022, Peter Schiff appeared on Ingraham Angle, and he said, "Thanks to the Federal Reserve, everybody has so much debt that we can't afford to pay an interest rate high enough to fight inflation. But it is going to be high enough to cause a massive recession and another financial crisis that's worse than the one we had in 2008."On March 13, 2023, Peter was on Ingraham Angle again, this time to talk about the beginning of that financial crisis.
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China's central bank announced it had bought more gold — nearly 25 metric tons — in February, the fourth consecutive monthly increase, a move that experts said will constantly fine-tune the country's international reserves portfolio and cushion the impact of growing geopolitical uncertainties and lingering high inflation in developed economies such as the United States.
The retail price of gold in Japan has hit an all-time high of 9,000 yen ($66.94), according to data released by one of the country’s largest producers and sellers of precious metals, Tanaka Kikinzoku, on Monday.
Prices for precious metals divided Tuesday with those for silver and palladium advancing, registering fresh settlement highs, and those for gold and platinum falling. Gold for April delivery shed $5.60, or 0.3%, to settle at $1,910.90 an ounce on the Comex division of the New York Mercantile Exchange. "Gold prices are weaker in midday U.S.
The average rate on the popular 30-year fixed mortgage dropped to 6.57% Monday, according to Mortgage News Daily.
Our faith in the wobbling world of hyper-financialization will soon be tested.
Looking at this data in isolation, there is nothing one could point to that would possibly induce the Fed to do anything but accelerate the pace of rate hikes, especially given the fact the Fed ignores food and energy.
Government Bonds Held at Banks May Be So-Called ‘Toxic Asset’ of Next Financial Crisis: MWMar 14, 2023 - 12:04:44 PDT
Contagion fears triggered by the collapse of two regional banks is raising the risk of a crisis in confidence in U.S. banks, said fund manager at Eric Sturdza.
Mar 14, 2023 - 12:02:13 PDT
Well, the banking fiasco CREATED BY THE FEDERAL RESERVE is still with us. Why? Because the FDIC guaranteed deposits above $250,000 for the first time in history, bailing out millionaires/billionair…
After the U.S. Treasury, FDIC, and Federal Reserve failed to anticipate the collapse of SVB, they have now applied a band-aid to the wound.
The ripple effects of the SVB collapse will continue for months. In a complex dynamic system such as the banking system and capital markets more broadly, it is impossible to know in advance exactly which firms will fail next, but it is certain that such failures will arise.
Too-Big-To-Fail Banks Flooded With Deposits As Bank Run Drains Small Bank Of CashMar 14, 2023 - 11:42:46 PDT
Over the weekend, amid populist howls of outrage that a bailout of SVB would promote moral hazard (in the end depositors did get bailed out with a full recovery, but other unsecured creditors oddly enough would get nothing, while the common stock is a doughnut), we said that while technically true, the events that toppled SVB and now SBNY as well, are really a subsidy for the big banks.
Welcome to Whose Economy Is It, Anyway?, where the rules are made up and the dollars don’t matter. Or at least that seems to be the view of the Yellen regime. As Doug French noted last week, Silicon Valley Bank (SVB) was the canary in the coal mine.
Yes, the Latest Bank Bailout Is Really a Bailout, and You Are Paying for ItMar 14, 2023 - 11:39:48 PDT
Silicon Valley Bank (SVB) failed on Friday and was shut down by regulators. It was the second-largest failure in US history and the first since the global financial crisis. Almost immediately, the calls for bailouts started to come in.