Be in the know. 17 key reads for Friday…

  1. Fed Balance Sheet Surges By Another $100BN Amid Bank Runs As Foreign Repos Soar By Record And Cash Floods Into Reverse Repo, Money Markets (zerohedge)
  2. The US banking system may not be as strong as Powell and Yellen are saying, market veteran Ed Yardeni says (businessinsider)
  3. Volcker Slayed Inflation. Bernanke Saved the Banks. Can Powell Do Both? (bloomberg)
  4. Banks Are Still Drawing on the Fed for $164 Billion of Emergency Cash (bloomberg)
  5. Yellen says Treasury is ready to take ‘additional actions if warranted’ to stabilize banks (cnbc)
  6. Why Vietnam’s Markets Trail Its Sizzling Economy (barrons)
  7. Deutsche Bank Stock Tumbles. Banking Panic Isn’t Over Yet. (barrons)
  8. Banks Are Borrowing at Financial Crisis Levels. What It Means. (barrons)
  9. Cathie Wood’s ARK funds snap up Block after short-seller report (marketwatch)
  10. Bill Ackman warns of acceleration in deposit outflows from banks despite Fed’s assurances (marketwatch)
  11. The Personalized Stem Cells That Could One Day Treat Parkinson’s and Heart Failure (wsj)
  12. Tencent, NetEase win new Chinese video game licences in March (scmp)
  13. Wedbush says it’s ‘not seeing anything illegal’ with Block even as short-seller Hindenburg alleges the payment firm misled investors (businessinsider)
  14. Steve Forbes says the Fed’s stubborn rate hikes are trashing the US economy (businessinsider)
  15. Barry Sternlicht warns the economy is facing a sharp slump as the Fed uses ‘a steamroller to get the price of milk down 2 cents’ (businessinsider)
  16. Investor Rush to Cash Is Fastest Since Covid Hit, BofA Says (bloomberg)
  17. Fed’s Bostic Says Rate Decision Came After ‘a Lot of Debate’ (bloomberg)

Be in the know. 16 key reads for Thursday…

  1. What Is Bill Ackman Up To? (institutional investor)
  2. What the takeover of Credit Suisse means for UBS (ft)
  3. The Treasury Secretary caused jitters by saying there were no plans to extend deposit insurance at banks. (barrons)
  4. Tech’s Tencent Leads Rally in China (barrons)
  5. The Fed’s New Wait-and-See Strategy: Banking Mess Makes Powell More Tentative (barrons)
  6. ‘Contracts are made to be honored.’ Billionaire investor David Tepper lashes out against Credit Suisse bond writedown (marketwatch)
  7. The Fed Signaled an End to Rate Hikes. Why Investors Still Aren’t Happy. (barrons)
  8. Tencent Leads Rally in Hong Kong. Tech Stocks Get a Fed Boost. (barrons)
  9. PacWest Bank Taps Credit Lines After 20% Drop in Deposits (nytimes)
  10. Jack Dorsey’s Block Falls After Hindenburg Says It’s Short the Stock (bloomberg)
  11. Ackman Warns of Accelerated Deposit Outflows After Fed Decision (bloomberg)
  12. How Barbara Corcoran got rich: ‘I try harder’ and ‘work twice as hard’ (cnbc)
  13. Olive Garden parent raises revenue outlook as same-store sales jump (cnbc)
  14. The US banking system may not be as strong as Powell and Yellen are saying, market veteran Ed Yardeni says (businessinsider)
  15. Did UBS Just Get the Deal of the Decade? (wsj)
  16. JPM: “$1.1 Trillion Has Exited The Most Vulnerable Banks” (zerohedge)

“How Did This Happen?” Stock Market (and Sentiment Results)…

The bad news is, we have a Federal Reserve with no feel for the market or explicit understanding of “lagged effect” of tightening on the economy.  To this point, the Chairman was quoted (in yesterday’s conference) as follows, “I mean the question we were all asking ourselves that first weekend was, ‘How did this happen?‘” (referring to the collapse of Silicon Valley Bank).  Save the taxpayers some money and call off the “investigation.”  Everyone already knows how this happened… Continue reading ““How Did This Happen?” Stock Market (and Sentiment Results)…”