🇺🇸 Two-year Treasury volatility has exploded over the past few days – Bloomberg TV Chart pic.twitter.com/WNiEFuKeK3

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

🇺🇸 Yellen Says US Prepared for Additional Deposit Actions If Needed – Bloomberghttps://t.co/BeCcaNmMPM

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

🇺🇸 #Fed emergency lending to banks boosted overall Fed holdings in latest week – Reutershttps://t.co/aYZvhTAxgt

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

2/2

Focused on First Republic

It is now a junk-rated bank (B per Fitch). It has lost over $70 billion in deposits and hanging on as a viable bank thanks to "assistance" from 11 other banks pumping money into it.

So, what is their strategy to get https://t.co/W5Hccyy9uV… pic.twitter.com/2SbvkYuTJX

— Jim Bianco biancoresearch.eth (@biancoresearch) March 23, 2023

Weekly Initial Unemployment Claims decrease to 191,000 https://t.co/1yZNUmo3iW pic.twitter.com/k3FPisgzyo

— Bill McBride (@calculatedrisk) March 23, 2023

The US BoP data doesn't get a ton of attention these days — a lot is going on, and data has a long intrinsic lag.

But the details of the data matters —

The current account deficit now looks sort of stable, as the big shift toward goods (and goods imports) is mostly over

1/x pic.twitter.com/3mOakkqC0I

— Brad Setser (@Brad_Setser) March 24, 2023

New Home Sales at 640,000 Annual Rate in February https://t.co/4Yw5tGD3FI pic.twitter.com/D9scxzZSAI

— Bill McBride (@calculatedrisk) March 23, 2023

Fed borrowing for the week ended March 22 vs prior week:

FIMA (foreign official repo) facility: +$60 billion
Bank term funding program: +$43 billion
Discount window: -$42 billion
Other credit extensions (FDIC bridge bank loans): +$37 billion https://t.co/Pl80Au5P1T pic.twitter.com/IVGvLEYSpE

— Nick Timiraos (@NickTimiraos) March 23, 2023

🌎 🇺🇸 🇪🇺 🇨🇭 Major central banks tapped swap lines with their US counterpart for just $590.5 million in the past week – Bloomberg
*The ECB accounted for $483.5 million of that, while the SNB tapped it for $107 million.

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

The Fed updated their balance sheet … now ~two-thirds of QT has been reversed. pic.twitter.com/mmaeLJuV2i

— Jim Bianco biancoresearch.eth (@biancoresearch) March 23, 2023

The "Fed Put" is back with assets on their balance sheet increasing $392 billion over the last 2 weeks, the largest 2-week spike higher since April 2020. Thus over 60% of the Quantitative Tightening since last April has been undone … in just two weeks. pic.twitter.com/bxJZw0qzL5

— Charlie Bilello (@charliebilello) March 23, 2023

🇺🇸 #Fed | Markets now expect #Fed Funds Target Rate to be close to the peak – Bloomberg TV Chart pic.twitter.com/iaMlWfNmcw

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

Donald Trump asks a federal court to disregard the Justice Department’s rejection of his claim of absolute immunity in the Jan. 6 US Capitol attack https://t.co/eV9Sd5KTzm

— Bloomberg Politics (@bpolitics) March 23, 2023

🔵 US TRADE CHIEF TAI SAYS OPEN TO DISCUSSIONS WITH CHINA

– Full story via Reuters at https://t.co/jfFzrrtbV4 pic.twitter.com/OEYfsPpvWS

— PiQ (@PriapusIQ) March 23, 2023

🔵 CURRENT FUNDING FOR UKRAINE SHOULD LAST FOR MUCH OF THE YEAR – BLINKEN

– Full story via Reuters at https://t.co/PZ3f5GnQLe pic.twitter.com/QvpRTAAsge

— PiQ (@PriapusIQ) March 23, 2023

Here's four reasons why fears of a banking crisis in Japan are — mostly — overblown https://t.co/v3OpLepTfe

— Bloomberg (@business) March 24, 2023

China travel rebound bets turn toward airports, away from airlines https://t.co/SznhDlc6rx pic.twitter.com/E8iPkZvVZC

— Reuters (@Reuters) March 23, 2023

🇯🇵 #Japan Inflation Slows Sharply, Masking Underlying Price Strength – Bloomberghttps://t.co/iRSH7KRJOD pic.twitter.com/AQQeIUm5TE

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

🇯🇵 #Japan's factory activity contracts for fifth month – PMI – Reutershttps://t.co/CdT4gjcB6V

— Christophe Barraud🛢🐳 (@C_Barraud) March 24, 2023

Flash Australia Judo Bank Composite PMI (Mar): 48.1 vs prev 50.6

Flash Australia Judo Bank Manufacturing PMI (Mar): 48.7 vs prev 50.5
Flash Australia Judo Bank Services Mfg PMI (Mar): 48.2 vs prev 50.7

— LiveSquawk (@LiveSquawk) March 23, 2023

The most important long-term macro chart in the world.

The Chinese population trend over the next 20 years will very much resemble the recent Japanese trends. pic.twitter.com/MLfJ1QnPvC

— Alf (@MacroAlf) March 23, 2023

PBOC raises the $CNY Central Parity Rate by 335 pips to 6.8374 per US dollar, to the strongest in the last 30 days.
Yuan strengthened versus USD yesterday.#China $USDCNY pic.twitter.com/SnHpBmuC6S

— CN Wire (@Sino_Market) March 24, 2023

⚡The PBOC conducted a total of 350 billion yuan of 7-day reverse repo this week, resulting in a net drain of 113 billion yuan from the open market as 463 billion yuan matured.#China #liquidity

— CN Wire (@Sino_Market) March 24, 2023

Thai PM Prayuth Chan-Ocha’s political party will prioritize attracting foreign investments to bolster the country’s economic recovery, as the leader bids to stay in power ahead of the May general election https://t.co/i6NvMIF4nB

— Bloomberg (@business) March 23, 2023

Japan ends restrictions on exports to South Korea of three key compounds used in the manufacture of semiconductors and displays https://t.co/s9IyCb1j93

— Bloomberg (@business) March 23, 2023

China, Russia Deepen Nuclear Concord That Concerns Pentagon https://t.co/wwwzS8dMb4

— William G Gonzalez (@WilliamGGonzal4) March 23, 2023

UK Retail Sales (M/M) Feb: 1.2% (exp 0.2%; prevR 0.9%)
– Retail Sales Ex Auto Fuel (M/M) Feb: 1.5% (exp 0.2%; prevR 0.9%)
– Retail Sales (Y/Y) Feb: -3.5% (exp -4.7%; prevR -5.2%)
– Retail Sales Ex Auto Fuel (Y/Y) Feb: -3.3% (exp -4.8%; prevR -5.4%)

— LiveSquawk (@LiveSquawk) March 24, 2023

🔵 UK CONSUMER MOOD HITS ONE-YEAR HIGH, BUT FINANCIAL GLOOM PERSISTS

– Full story via Reuters at https://t.co/fIIMN5ncom pic.twitter.com/w01wwLSDew

— PiQ (@PriapusIQ) March 24, 2023

The Bank of England hikes interest rates to 4.25%, the highest since 2008 https://t.co/hVDkXEyswP

— Bloomberg Economics (@economics) March 23, 2023

Norway’s central bank raises its key interest rate to the highest level since 2009 and signals further tightening https://t.co/ATcxfke32D

— Bloomberg Economics (@economics) March 23, 2023

Swiss central bank hikes interest rates by 50 basis points despite bank turmoil https://t.co/WDn2cIekao

— Whole Mars Catalog (@WholeMarsBlog) March 23, 2023

Hungarian Prime Minister Viktor Orban reins in the central bank’s ability to tighten monetary policy https://t.co/krUmNSAoIV

— Bloomberg (@business) March 23, 2023

ECB’s Muller sees more hiking, but bulk of moves ‘behind us’ https://t.co/n6SJue4X8x pic.twitter.com/GElzXdN1de

— Zoe Schneeweiss (@ZSchneeweiss) March 23, 2023

EU regulators to rethink liquidity after Credit Suisse unravels https://t.co/C3kn4yHDEU via @nickcomfort @StevenArons pic.twitter.com/6EooIhDN4I

— Zoe Schneeweiss (@ZSchneeweiss) March 23, 2023

Hungary says it’s close to an agreement with the EU to help unlock €28 billion in funds frozen over concerns about the rule of law and fundamental rights https://t.co/5YzpvdfGBb

— Bloomberg (@business) March 23, 2023

Violence hits France in day of anger over Macron's pension changes https://t.co/ffRjf7q09y pic.twitter.com/kAXWKSA71p

— Reuters U.S. News (@ReutersUS) March 24, 2023

Scholz sees talks to end combustion-ban dispute on right track https://t.co/ILo2DHo1wO via @mcnienaber @nat_droz pic.twitter.com/cjAowtO2j5

— Zoe Schneeweiss (@ZSchneeweiss) March 23, 2023

EU and UK to adopt Northern Ireland Brexit deal despite DUP opposition https://t.co/MRdOBenY9u via @EllenAMilligan pic.twitter.com/NjOcAfR3eS

— Zoe Schneeweiss (@ZSchneeweiss) March 24, 2023

EU leaders back steps to compete with US, China https://t.co/glGRJ2UeGn pic.twitter.com/4jwGVd9Uti

— Reuters (@Reuters) March 24, 2023

Zelenskiy tells Europe: Be quicker with military aid or face a long war https://t.co/Dil2Ilhsa1

— Newsd (@GetNewsd) March 23, 2023

⚠ #WeekAhead: Week 12 (2023) ⚠

🇬🇧 🇺🇸 🇨🇭 #BOE, #FED and #SNB Meetings
🇪🇺 #ECB Speakers
🇨🇳 🇷🇺 Xi to Visit #Russia
🌎 March PMIs
🇨🇭 Fallout from #UBS Takeover on #CreditSuisse
…https://t.co/saHjC9qgDe

— Christophe Barraud🛢🐳 (@C_Barraud) March 20, 2023