🇺🇸 Differing Powell and Yellen Messages Were a Lot for the Stock Market to Digest – Bloomberghttps://t.co/oWPQXSI9p5 pic.twitter.com/2DnamMMtAz

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

Continuing declines in #manufacturing and #credit surveys point to continued weakness in #earnings this year. @RealInvAdvice @SoberLook pic.twitter.com/WFND5EBkWe

— Lance Roberts (@LanceRoberts) March 21, 2023

🇺🇸 Yellen says not considering 'blanket insurance' for all U.S. bank deposits – Reutershttps://t.co/70j2KDT07b

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇺🇸 According to latest IRS data, average refunds fell 11% YoY to $2,972 (after boosting spending earlier this year). This dynamic is expected to persist in the short term (2/8)https://t.co/aN5JbDYShZ pic.twitter.com/iR6zxya6QZ

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇺🇸 Data also show consumers have ramped use of credit to maintain consumption. Credit card balances hit a record high in 4Q while the share of credit card users making payments that were at least 30 days late ⬆ to 5.9% from 5.2% prior. (4/8)https://t.co/t7DkCQAoc1 pic.twitter.com/YICoKCcPSG

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇺🇸 This phenomenon should affect more small/medium banks, which account for a large part of consumer lending (6/8)https://t.co/O6sqZJYlTd

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇺🇸 Bottom line: Several factors suggest that consumer spending could soften from March. This trend should be monitored carefully as it could be the early sign of a #recession coming later this year (as suggested by leading indicators). (8/8) pic.twitter.com/oeoInsxJvC

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

AIA: Architecture Billings "Slowdown Continues" in February https://t.co/fFMV0M0quh pic.twitter.com/kir6s9CYtJ

— Bill McBride (@calculatedrisk) March 22, 2023

MBA: Mortgage Purchase Applications Increased in Weekly Survey https://t.co/JtnueSDBK6 pic.twitter.com/t2bjlre7Mx

— Bill McBride (@calculatedrisk) March 22, 2023

#NEW KB Home reports a 36% cancellation rate for Q1 2023.

That's down from 68% in Q4 2022, however, well above the 11% in Q1 2022.

KB Home has high exposure to Western housing markets. pic.twitter.com/SSQdDYJttn

— Lance Lambert (@NewsLambert) March 22, 2023

🇺🇸 #FED SAYS FOMC VOTE WAS UNANIMOUS – BBG
*FED SAYS WILL TAKE CUMULATIVE TIGHTENING, LAGS INTO ACCOUNT
*FED REPEATS HIGHLY ATTENTIVE TO INFLATION RISKS
*FED SAYS JOB GAINS HAVE PICKED UP, RUNNING AT ROBUST PACE

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

🇺🇸 #Fed | First reading: 2 points seen as "dovish" ⬇

1- The language on further “ongoing” increases in rates has been altered to “some additional” policy firming may be needed.

2- No change to the median projection for where interest rates will end the year.

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

The Powell Fed attempts a dovish hike https://t.co/XYtHBM8GNA

— Nick Timiraos (@NickTimiraos) March 22, 2023

Powell on a pause at today's meeting: "We did consider that."

— Nick Timiraos (@NickTimiraos) March 22, 2023

🇺🇸 Traders are now pricing in more interest-rate cuts by the #Fed this year even as the central bank hiked its benchmark by a quarter-point and signaled that it expects more tightening after that – Bloomberg pic.twitter.com/4HrImU1XHC

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

🇺🇸 #FED POWELL: SIGNIFICANT GROUP ON #FOMC EXPECTS CREDIT TIGHTENING – BBGhttps://t.co/SE5TEwbJep

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

🇺🇸 #FED POWELL: IT'S POSSIBLE BANK CRISIS WILL HAVE ONLY MODEST EFFECTS – BBG
*POWELL: IT'S ALSO POSSIBLE FOR SIGNIFICANT CREDIT TIGHTENING
*POWELL: CREDIT TIGHTENING COULD MEAN LESS WORK FOR RATE POLICY

*As a reminder ⬇https://t.co/fmWrbAS4hU

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

The FOMC has moved even stronger into the "recession" camp with their projections.

— Bill McBride (@calculatedrisk) March 22, 2023

Bank of Canada officials didn’t actively consider raising interest rates in early March and were “comfortable” with their view that inflation would slow further despite some stronger-than-expected economic data, @rtkwrites @ErikHertzberg report https://t.co/vpYG8Fa1KQ #cdnecon

— Stephen Wicary (@wicary) March 22, 2023

A fight over Donald Trump’s bid to stop federal investigators from probing his communications with his lawyer is moving quickly through the courts https://t.co/Mr8auOwEgI

— Bloomberg (@business) March 22, 2023

Xi Jinping’s meetings in Moscow with Vladimir Putin put the Biden administration in an uncomfortable position: on the sidelines as two adversaries discuss a proposal to end war in Ukraine https://t.co/088Y6pX4L3

— Bloomberg (@business) March 23, 2023

US Stock Futures, Asia Shares Rise as Calm Returns: Markets Wraphttps://t.co/QftyDUKLBQ

— Jordy Beuving (@BeuvingJordy) March 23, 2023

🌎 Credit Suisse fallout threatens to halt issuance of risky bank debt – FThttps://t.co/jxv6eVYqv5

— Christophe Barraud🛢🐳 (@C_Barraud) March 22, 2023

Pessimism persists at big Japanese manufacturers amid global slowdown https://t.co/ZcPGIrzUTN pic.twitter.com/2QERJj556Z

— Reuters (@Reuters) March 23, 2023

🇯🇵 #Housing | #Japan land prices recover from COVID to rise fastest in 15 years – Nikkeihttps://t.co/uTj8f4Ui1I

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇦🇺 #Australia #Housing | More vendors sell for a loss as prices fall – AFRhttps://t.co/FwbEIxG96R

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇦🇺 #Housing construction slide coming in six months – AFRhttps://t.co/4jEsG80dvm

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

Public infrastructure projects could make things worse: Construction costs have peaked, but it’s not all good news. #ausproperty #ausecon #inflation #construction https://t.co/qQ3bODf82H pic.twitter.com/oiW2M2ey7a

— Michael Bleby (@MichaelBleby) March 22, 2023

New Zealand’s aggressive monetary policy tightening is having the desired effect of slowing the economy, says the central bank's chief economist https://t.co/iocYvSWwVY

— Bloomberg (@business) March 23, 2023

Fed decision locks in another RBA rate rise, economists say https://t.co/SrinHjOpO1

— Michael Read (@michael_read_) March 23, 2023

⚡PBOC injects 64 billion yuan of 7-day reverse repo, as 109 billion yuan maturing today, a net of 45 billion yuan to be drained from the open market.#China #liquidity #CN_Note
China's central bank drains money from the market in 3 of the 4 days this week.

— CN Wire (@Sino_Market) March 23, 2023

North Korea doesn't appear poised for imminent nuclear test, US official says https://t.co/EyQn1KTJHg pic.twitter.com/WqvdkbeZG8

— Reuters (@Reuters) March 23, 2023

🇩🇪 Scholz Advisers See German Economy Growing by 0.2% This Year – Bloomberghttps://t.co/Ub7ew9NsXL

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

NEW: ECB policymakers consider themselves vindicated after they followed through on their 50 basis-point hike last week despite global market volatility, sources say https://t.co/TmOUzafJzY

— Bloomberg Markets (@markets) March 22, 2023

A clear and balanced speech from @Lagarde, in line with the March statement. ECB's reaction function to be driven by (core) inflation and monetary policy transmission.
By May, the ECB will have another strong core print but also the Bank Lending Survey. Compromise coming? https://t.co/p0LLgNBFtH

— Frederik Ducrozet (@fwred) March 22, 2023

🇨🇭 #SNB RAISES POLICY RATE BY 50BPS TO 1.5%; EST. 1.50% – BBG
*SNB CAN'T EXCLUDE MORE RATE HIKES IN FORESEEABLE FUTURE
*SNB SAYS PREPARED TO INTERVENE IN CURRENCY-MARKETS IF NEEDED

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

🇨🇭SNB guidance on rates: "It cannot be ruled out that additional rises in the SNB policy rate will be necessary".
FX: "the SNB also remains willing to be active in the foreign exchange market as necessary. For some quarters now, the focus has been on selling foreign currency." https://t.co/WZMKUqQf6j

— Frederik Ducrozet (@fwred) March 23, 2023

🇳🇴 *NORGES BANK RAISES BENCHMARK INTEREST RATE TO 3%; EST. 3.00% – BBG
*NORGES BANK: POLICY RATE WILL BE RAISED FURTHER IN MAY”

— Christophe Barraud🛢🐳 (@C_Barraud) March 23, 2023

The Bank of England is likely to continue the quickest series of rate hikes in three decades after a shock jump in UK inflation

Here's your decision day guide ⬇️ https://t.co/B8cM3XqaNa

— Bloomberg UK (@BloombergUK) March 23, 2023

Portugal is considering cutting the country’s value-added tax rate to help lower food prices https://t.co/iE93DsJhEB

— Bloomberg (@business) March 22, 2023

Macron compares protests to Capitol riots, sticks to reform https://t.co/L8ZtD5spZ0 via @Newsbaum_ @SamyAdghirni pic.twitter.com/8N3lhQq0gY

— Zoe Schneeweiss (@ZSchneeweiss) March 22, 2023

Rishi Sunak’s government emphatically win a parliamentary vote on a key part of its new post-Brexit deal with the EU https://t.co/7NSlv58Qlv

— Bloomberg (@business) March 22, 2023

Britain's Foreign Secretary James Cleverly said on Wednesday (22 March) there was no nuclear escalation in the Ukraine war after Russian President Vladimir Putin criticised Britain for supplying depleted uranium tank munitions to Ukrainian forces. https://t.co/osF8bvrebd

— EURACTIV (@EURACTIV) 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