Morning Brief: Focus on FOMC; China Touts Close Ties With Russia; U.K. CPI Largely Exceeded Expectations
Americas
Markets
🇺🇸 #Fed | JPMorgan Says Treasuries Coping Amid Worst Liquidity Since 2020 – Bloomberghttps://t.co/8wrFnvxiSu pic.twitter.com/VydYH89uah
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
Focus on banks
1/n
— Jim Bianco biancoresearch.eth (@biancoresearch) March 21, 2023
This chart comes from the Fed H8 report. It is current through the latest data, March 8 … two days before Silicon Valley Bank failed.
What has been the largest drawdown of deposits since the financial crisis?
The weeks BEFORE the bank failures of the last few weeks. pic.twitter.com/2uZ9H5knZl
Treasury Secretary Yellen says the government could backstop more deposits if necessary to stop contagion https://t.co/rLjmsLaHOO
— CNBC (@CNBC) March 21, 2023
US Treasury considering how to further strengthen financial stability, Adeyemo says https://t.co/0IUbxObraI pic.twitter.com/JmMUrcSpio
— Reuters Business (@ReutersBiz) March 21, 2023
Warren says there should be a catch for large banks that want more FDIC insurance: stricter regulation https://t.co/CI5zxBLm5M
— Bloomberg (@business) March 21, 2023
🇺🇸 #FRC | First Republic Rescue May Rely on US Backing to Reach a Deal – Bloomberghttps://t.co/tYB3QvB4FB
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
A coalition of Canadian lenders is urging Justin Trudeau’s government to increase the limits on deposit insurance, arguing that it would send “a strong signal” about financial stability https://t.co/L4QqwyOcNy
— Bloomberg (@business) March 21, 2023
Economic Indicators and Prospects
Inflation in Canada rose 5.2% from a year ago, slower than the 5.4% gain expected https://t.co/JSUHd2KsPt
— Bloomberg (@business) March 21, 2023
Housing
🇺🇸 *US FEB. EXISTING HOME SALES RISE 14.5% TO 4.58 MILLION RATE – BBGhttps://t.co/3OaAKJkVKu
— Christophe Barraud🛢🐳 (@C_Barraud) March 21, 2023
Monetary Policy
🇺🇸 10 Tweets That Suggest #Fed Could Tweak Its Balance Sheet Policy Between Today and Mayhttps://t.co/HhIWw03tAI
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
BofAML 2/3: The decline in two-year #Treasuryyields is a powerful signal that #monetarypolicy will be easing before year-end. It also suggests that we have seen the peak in 10-year #Treasury #yields for this cycle.
— Francesc Riverola – FXStreet.com 🎗 (@Francesc_Forex) March 21, 2023
Politics
US House committee threatens to subpoena State Dept over Afghan documents https://t.co/tZrQdZRwmB pic.twitter.com/PnO8AhNLTq
— Reuters Politics (@ReutersPolitics) March 22, 2023
Trade, Supply Chain and Geopolitics
Biden To Stunt Growth In China For Chipmakers Getting US Funds – BBG https://t.co/ZROwkuSK3Z
— LiveSquawk (@LiveSquawk) March 21, 2023
The Biden administration will speed up delivery of the US’s M1 Abrams battle tanks to Ukraine by nine months https://t.co/nB2y40nmBh
— Bloomberg Asia (@BloombergAsia) March 21, 2023
Asia
Markets
🇭🇰 #HongKong Says Borrowing Cost Surge Driven by Demand for Cash – Bloomberghttps://t.co/iE5FIAP4ou pic.twitter.com/7oqCCbhoKG
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
Economic Indicators and Prospects
Australia’s economic expansion in 2023 will be weaker than previously anticipated and inflation is poised to be stronger, a survey showed https://t.co/Qb7T80ILXv
— Bloomberg (@business) March 22, 2023
Australia Westpac Leading Index M/M Feb: -0.06% (prevR -0.12%)
— LiveSquawk (@LiveSquawk) March 21, 2023
Monetary Policy
China Liquidity Conditions Expected To Stay Ample – Securities Daily https://t.co/oLxBPR0CMK
— LiveSquawk (@LiveSquawk) March 22, 2023
Fiscal Policy
🇯🇵 #Japan adds JPY2T to #inflation relief measures – Nikkei
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
*Link (Japanese): https://t.co/u6g3udn9HX
Trade, Supply Chain and Geopolitics
The Philippines’ largest exporter groups urge the government to exempt their local purchases from a 12% value-added tax to help them offer competitive prices in the international market https://t.co/L4eCK0ZQaR
— Bloomberg Economics (@economics) March 21, 2023
Chinese President Xi Jinping touts close ties with Russia on the second day of his state visit to Moscow, inviting Vladimir Putin to make a return visit later this year https://t.co/Fn8nb8I0hs
— Bloomberg (@business) March 21, 2023
South Korea plans to hold its “largest-ever” live-fire drills with the US in a move certain to anger North Korea https://t.co/wZ4lmAgAf8
— Bloomberg (@business) March 22, 2023
Europe
Markets
UBS Offers To Buy Back Some Of Its Own Bail-In Notes – BBG https://t.co/iSh0yiqMwr
— LiveSquawk (@LiveSquawk) March 22, 2023
Economic Indicators and Prospects
🇬🇧 UK #Inflation Accelerates Unexpectedly Sticking in Double Digits – Bloomberghttps://t.co/Ahx0s1Thtk pic.twitter.com/WDuGksiF9d
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
Monetary Policy
🇪🇺 🇩🇪 #Bundesbank chief says rate-setters must be ‘more stubborn’ in #inflation fight – FThttps://t.co/XxjVKSGRme
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
🇪🇺 *TRADERS FULLY PRICE 3.5% PEAK #ECB RATE FOR FIRST TIME IN A WEEK – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023
Fiscal Policy
Russia Alters Oil Taxes To Capture Bigger Share Of Trades Above Price Cap – FT #OOTT https://t.co/V23PCvHeSr
— LiveSquawk (@LiveSquawk) March 22, 2023
Energy
Exclusive: EU drafts plan to allow e-fuel combustion engine cars https://t.co/T3SAGkxdbq pic.twitter.com/Cdx94mJDO9
— Reuters (@Reuters) March 21, 2023
The European Commission wants to require companies in Europe to back up climate-friendly claims about their products with evidence, under draft rules to stamp out misleading green labels for products from clothing to cosmetics https://t.co/Q4hgSMDaJa
— Reuters (@Reuters) March 22, 2023
Politics
Turkish President Erdogan’s failure to convince former economy czar Simsek to rejoin his administration represents a fresh setback as he strives to beef up support ahead of what could be a nail-biting election https://t.co/lgEmzZUnRw
— Bloomberg (@business) March 21, 2023
'Weakened' Macron sticks with pension bill, eyes new reforms https://t.co/9vP6Weiw5n pic.twitter.com/fx7zABPwEL
— Reuters World (@ReutersWorld) March 22, 2023
Trade, Supply Chain and Geopolitics
Boris Johnson To Vote Against UK PM Sunak's Brexit Deal – Telegraph https://t.co/VzvMChCijE
— LiveSquawk (@LiveSquawk) March 22, 2023
German EconMin Habeck: In Future, Should Avoid Huawei Components In 5G Network – FAZhttps://t.co/uQOmVkewH0
— LiveSquawk (@LiveSquawk) March 21, 2023
Other Areas And Global Economy
⚠ #WeekAhead: Week 12 (2023) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) March 20, 2023
🇬🇧 🇺🇸 🇨🇭 #BOE, #FED and #SNB Meetings
🇪🇺 #ECB Speakers
🇨🇳 🇷🇺 Xi to Visit #Russia
🌎 March PMIs
🇨🇭 Fallout from #UBS Takeover on #CreditSuisse
…https://t.co/saHjC9qgDe