“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)…”

Be in the know. 25 key reads for Wednesday…

  1. Opinion: The Facts Have Changed. The Fed’s Plans Should, Too. (marketwatch)
  2. Google Releases Bard, Its Competitor in the Race to Create A.I. Chatbots (nytimes)
  3. Money-market funds swell to record $5.4 trillion as assets pour in at fastest pace since pandemic after SVB collapse (marketwatch)
  4. America’s most powerful weapon to beat China and Russia in Cold War 2.0 is free trade (marketwatch)
  5. Warren Buffett’s Likely Successor Buys $24.6 Million in Berkshire Stock (barrons)
  6. Jerome Powell Has ‘Failed,’ Should Not Be Fed Chairman, Says Sen. Elizabeth Warren (barrons)
  7. Here’s one for the battered bulls: the second-largest sector in the S&P 500 is stirring to life, says this strategist. (marketwatch)
  8. Canada Shouldn’t Be an Afterthought (barrons)
  9. Federal Reserve Meeting: Rate Hike Likely, But U-Turn Is Near; S&P 500 Gains (investors)
  10. Opinion: ‘Someone needs to tell Jerome Powell that this is not a kill-at-all-costs mission.’ Cut interest rates now to prevent a full-blown banking crisis. (marketwatch)
  11. Fed’s ‘dot plot’ seen diverging from market over future path of interest rates (marketwatch)
  12. Opinion: Bank insider action tells us the battered financial sector is a buy: These 4 regional bank stocks are tempting those in the know. (marketwatch)
  13. Bill Gates says AI is only the second revolutionary tech advancement in his lifetime (marketwatch)
  14. Hedge fund boss Jeff Gundlach shreds Credit Suisse creditors: ‘Put on your big boy pants’ (nypost)
  15. TikTok Reassures Advertisers Over Ban Threat as Some Set Backup Plans (wsj)
  16. Chip Makers Find Out How to Get 25% Investment Tax Credit (wsj)
  17. Google Launches Bard AI Chatbot to Counter ChatGPT (wsj)
  18. What Google Bard Can Do (and What It Can’t) (nytimes)
  19. Fed Caught Between Inflation and Bank Crisis in Crucial Meeting (bloomberg)
  20. 30-Year Mortgage Rate Falls to a Five-Week Low (bloomberg)
  21. Phillips to Auction Last Qing Emperor’s Patek Philippe Watch (bloomberg)
  22. Banks’ AT1 Bonds Climb as Goldman Flags Opportunity to Buy (bloomberg)
  23. Bill Gates Says “The Age Of AI Has Begun” (zerohedge)
  24. Nike beats expectations as sales rise 14% from last year; analysts bullish (streetinsider)
  25. Tencent beats quarterly profit forecasts, helped by cost-saving efforts (scmp)

 

Be in the know. 20 key reads for Tuesday…

  1. US Studies Ways to Guarantee All Bank Deposits If Crisis Expands (bloomberg)
  2. Guy Fieri on His Signature Frosted Tips and Mayoral Ambitions (wsj)
  3. Fund Managers’ Biggest Fear Is Now a Systemic Credit Crunch (bloomberg)
  4. The New Central Bank Dilemma From the Fed to the Philippines (bloomberg)
  5. This Banking Crisis Won’t Wreck the Economy (bloomberg)
  6. Amazon Slashing More Jobs As Layoffs In Big Tech Continue (investors)
  7. Credit Suisse Sets a Frightening Precedent for $250 Billion in Bonds (barrons)
  8. Berkshire Emphasizes Stock Ownership Not Diversity for its Board of Directors (barrons)
  9. The Facts Have Changed. The Fed’s Plans Should, Too. (barrons)
  10. Credit Suisse bondholders blast ‘insane’ UBS takeover: ‘Against the law’ (nypost)
  11. Hedge-fund manager Nelson Peltz says the government should insure all bank deposits — for a price (cnbc)
  12. Dodge resurrects controversial Challenger SRT Demon for final year of V8 muscle cars (cnbc)
  13. Bill Ackman urges the Fed to pause interest-rate increases because the banking crisis is not yet over (businessinsider)
  14. Everything you need to know about UBS’s historic $3 billion deal to rescue rival bank Credit Suisse (businessinsider)
  15. The Fed will either pause or hike interest rates by 25 basis points. What are the pros and cons of each approach? (marketwatch)
  16. China’s Bank Shares Trounce Global Peers Amid Sector Turmoil (bloomberg)
  17. Credit Suisse Collapse Burns Saudi Investors (finance.yahoo)
  18. The Big Read. How the Swiss ‘trinity’ forced UBS to save Credit Suisse (ft)
  19. China gives chipmakers new powers to guide industry recovery (ft)
  20. Elon Musk Responds To Bill Ackman’s Plea To Powell For A Pause Amid Banking Crisis: ‘Fed Needs To Drop Rates By At Least…’ (benzinga)

Be in the know. 12 key reads for Monday…

  1. U.S. lawmakers to examine merits of higher FDIC bank deposit insurance cap (cnbc)
  2. “The market stops panicking when central banks start panicking” (zerohedge)
  3. Elizabeth Warren Slams Powell for Weak Regulation, Oversight of SVB (bloomberg)
  4. UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop (zerohedge)
  5. The Longer It Takes The Fed To “Go Big”, The Deeper The Damage Will Be, And The Bigger The “Big” Will Be (zerohedge)
  6. Mega-cap Tech is the new Safe Haven (zerohedge)
  7. UBS to Buy Credit Suisse in $3.3 Billion Deal to End Crisis (bloomberg)
  8. Fed and Global Central Banks Move to Boost Dollar Funding (bloomberg)
  9. Warren Says She Favors Increasing FDIC’s Deposit Insurance Cap (bloomberg)
  10. China’s Surprise RRR Cut Puts Focus on Bank Lending Rates (bloomberg)
  11. S. bank deposit outflows, unrelated to Credit Suisse, have stabilized, U.S. official says (reuters)
  12. Credit Suisse’s $17 Billion of Risky Bonds Are Now Worthless (bloomberg)