March 15 (Wednesday)

Latest Morning Briefing Executive Summary: The Oscars
Within days of the run on SVB, the Fed has donned its “lender of last resort” cape—guaranteeing all bank deposits by all depositors (!), creating a new emergency bank lending facility, and launching a review of what went wrong at SVB. As a result, we don’t see sufficient SVB ripple effects to alter our outlooks for the economy or financial markets. … Also: Inflation has proven both more transitory (consumer goods inflation) and more persistent (consumer services) than expected, but both types have moderated lately. … And: Joe examines the S&P 500 Growth index’s comeback relative to Value after more than a year as the underdog.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 13.

Markets
Credit Suisse shares slide after Saudi backer rules out further assistance | C

Central banks
About Those ‘Safe’ Silicon Valley Bank Treasurys | W

SVB & banks
Credit Suisse leads Europe bank rout in renewed SVB fallout | R
Credit Suisse’s biggest backer says can’t put up more cash; share down by a fifth | R
Credit Suisse chairman says Silicon Valley Bank crisis looks contained | C
First Republic spoke to private equity before securing financing -sources | R
Fears of a ‘Great Financial Crisis 2.0’ are overblown | The Hill

US
U.S. Consumer Spending Declined in February After Hot Start to Year | W
PPI February 2023: Wholesale prices post decline of 0.1%, retail sales fall | C
Retail egg prices fell in February — but price drop may not last long | C
Mortgage demand rises despite volatile interest rates | C
84% of recent first-time home sellers have regrets. Mistakes to avoid | C
 
China
China’s Economy Rebounds, Spurred by Consumption | W
 
Industries & companies
Media: BuzzFeed Encourages Reporters to Write More Stories in Attempt to Turn Profit | W

Technology
Bosses Are Catching Job Applicants Using ChatGPT for a Boost | W

Beyond markets
Opinion | Working From Home Is Less Healthy Than You Think | N