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SVB’s Demise Shows UK Pension Funds Weren't the Only Cockroach: BloombergMar 13, 2023 - 05:57:05 PDT
Elevated bond yields are revealing some nasty surprises. More are likely.
nstead, things are fairly calm in the tech sector. Well before markets opened this morning, the government had brokered a deal which will allow the Silicon Valley Bank’s facilities to continue without a hitch, thanks to a wholesale takeover by one of the largest banking institutions in the world, with all the security that would seem to offer. Even better, not a penny of public money seems to be involved.
Mar 13, 2023 - 05:42:07 PDT
At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history, the Associated Press reported.
Ackman Says More Banks Will Likely Fail Despite Fed Intervention: BloombergMar 13, 2023 - 05:39:13 PDT
More banks will likely fail despite US authorities intervening to boost the confidence in the banking system following the collapse of Silicon Valley Bank, according to Pershing Square founder Bill Ackman.
2Y Treasury Yields Plunge Most Since 'Black Monday', Gold Soars As Rate-Hike Odds CollapseMar 13, 2023 - 05:37:27 PDT
The Fed/FDIC/TSY bailout (BTFP!?) has prompted a massive repricing of the market's expectations for The Fed's rate-trajectory from here.
Despite cries from Summers, Yellen and other the DC illuminati (Biden is oddly silent), US banks are NOT fine. In fact, banks in general are suffering from Fed rates increases due to holding of long-term Treasuries and MBS.
Mar 13, 2023 - 05:34:55 PDT
Silicon Valley Bank (SVB), the nation’s 16th largest bank, got caught in Ben Bernanke and Janet Yellen’s bear trap, the trap set when Bernanke/Yellen kept interest rates 25 basis points…
Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.
First Republic Drops 60%, Leads Decline in Bank Stocks Despite Government’s Backstop of SVBMar 13, 2023 - 05:30:46 PDT
First Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening.
Futures Tumble, Yields Crater, Banks Plunge As Market Realizes Latest Bailout Is InsufficientMar 13, 2023 - 05:28:46 PDT
Yesterday, when describing the nuances of the latest bank bailout (and big bank subsidy) we explained why the "Treasury is quietly freaking out" and asked rhetorically "ETA until market realizes $25BN is nowhere near enough and futs react appropriately?"
Biggest bank failure since 2008 financial crisis raises volatility in asset prices after collapse of 2 lenders - Anadolu Agency
Over the past several months, Mike Maharrey and I have posted numerous articles that conclude the same way… the Fed is bluffing and when something breaks, they will fold. On every podcast, Mike has walked through exactly why this is inevitable. Back in September, I laid out the math that showed why the Fed would fold and laid out a series of risks that may cause such an event. One of those risks was “What if the financial markets freeze because there is a credit event somewhere?”.
The Federal Government ran a deficit of -$262B in February. Ignoring the Student Loan forgiveness allocation in September last year, this is the largest monthly budget deficit since July 2021. And it's the second-largest February deficit ever.
The failure of Silicon Valley Bank and Signature Bank reminds us of a very important truth — if you can't hold it in your hand, you don't really own it.That's why it's wise to hold at least some of your wealth in hard assets like gold and silver that are in your direct possession or at least stored in a secure, allocated, segregated, and insured storage facility.
In the wake of two bank failures, the Federal Reserve and the US Treasury announced a bank bailout program.Last week, Silicon Valley Bank was shuttered by federal authorities after the bank suffered significant losses selling bonds in order to raise capital. When that news hit, depositors rushed to pull funds from the bank, making it functionally insolvent. Then over the weekend, federal authorities shut down Signature Bank.
BANKING CONTAGION & METALS UPDATE MAR 12th: The Energy Cliff Triggered Inflation, Fed Rate Hikes & Current Bank RunsMarch 12, 2023
Investors and depositors concerned about a banking contagion, stemming from the Silicon Valley Bank ban run on Friday; we must understand that this all started due to the impacts of the ENERGY CLIFF. Unfortunately, financial analysts totally ignore this factor and only focus on the Federal Reserve...
What a difference a week makes... Last week the market technicals were starting to look like the bulls had won out. But this week, trouble in the banking system, most notably the failure of Silicon Valley Bank (the 2nd largest bank failure in US history), has created a bearish marker reversal. So how meaningful is the failure of SVB? What fallout is most likely to come out of it? Portfolio manager Lance Roberts and Adam Taggart tackle these questions head on in this week's Market Recap.
As discussed last month, it is getting harder to take all the BLS employment data as fact. This month, some of the data is a bit closer in line, but the QECW report seemed to show a big deviation (more below).
"There is something going on behind the scenes with central banks hoarding gold, and because of that, we're going to see new highs...
Silver price rallies on the back of a mixed US jobs report that witnessed more Americans than estimated added to the workforce. Even though that would result in a strong US Dollar (USD), the Unemployment rate edged up, taking pressure off the US Federal Reserve (Fed). At the time of writing, the XAG/USD is trading at $20.49 a troy ounce.