March 14 (Tuesday)

Latest Morning Briefing Executive Summary: The Lender Of Last Resort
While the Fed and FDIC have acted swiftly to contain the SVB debacle, could it still balloon into a financial crisis like previous ones that triggered a credit crunch and recession? It could if it set off a wave of disintermediation at banks broadly, but we doubt that will happen; we think the regulators’ actions will work. … So the incident doesn’t change our outlooks for the economy, stock market, or bond market. But it does revive the “Fed Put.” That’s because the Fed’s actions to stabilize the banking system also stabilize financial markets.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 13.

Central banks
Fed Interest Rate Hike Pause Is Tough Call After Inflation Reaccelerates | B
Fed seen raising rates by 25 bps next week and in May | R
Fed’s Tightening Plans Collide With SVB Fallout | W
U.S. Inflation Cooled in February as Fed Confronts Bank Failures | W
Silicon Valley Bank: Elizabeth Warren criticizes Fed Chair Powell | C

SVB & banks
What’s The Next Banking Crisis After SVB? Analysts Say It Won’t Be Last | B
Moody’s cuts outlook on U.S. banking system to negative, citing ‘rapidly deteriorating operating environment’ | C
Bruised U.S. bank stocks shake off initial SVB contagion fears | R
First Republic shares jump as regional banks rebound sharply from Monday’s sell-off | C
JPMorgan, other big U.S. banks flooded with new clients post SVB collapse-FT | R
Signature Bank (SBNY) Was Seized After ‘Crisis of Confidence’ in Management | B
SEC and Justice Department: Silicon Valley Bank investigation | C

US
Higher rents boost US consumer prices in February | R
CPI inflation February 2023 increased 0.4% and 6% from a year ago | C
Here’s the inflation breakdown for February — in one chart | C
Why more than 60% of Fortune 500 companies incorporated in Delaware | C

Europe
French Pension Strikes: The Party Is Ending for Retirees | W

Japan
Japan Has a Low Risk of a Wage-Price Spiral and That’s a Mixed Blessing | W

Geopolitics & trade
Kamala Harris, Antony Blinken Head to Africa in a Bid to Counter China | W

Industries & companies
Airlines: Southwest Airlines’ staffing, tech improvement plan after holiday mess | C
Tech: Google, Meta, Amazon, others have cut more than 95,000 employees | C
Tech: Meta Plans to Layoff 10,000 Employees in Second Round of Job Cuts | W

Climate
Biden proposes first national limits on toxic ‘forever chemicals’ | C
California braces for catastrophic floods, East coast faces nor’easter | C
 
Technology
If ChatGPT Writes Your Cover Letter, Is It Cheating? Some Bosses Think So. | W