The NYCB scare made for an almost PTSD like reaction in cross-asset markets. So far, we consider the story a non-event and put more emphasis on the guidance from Powell.
US Bank Watch – 3 arguments for the inevitability of more banking failures
5 Things We Watch: Brazil, Italy, CNY, DAX and EU Banking Crisis
Steno Signals #49 – Everything related to the deposit crisis keeps worsening beneath the hood
5 Things We Watch: Inflation, Real Estate, Banking Crisis, Credit and Euro Weakness
Macro Watch: The one on regulation, FDIC incentives and cutting cycles
5 Things We Watch: The return of the banking crisis, Japan, China, Liquidity and Euro Inflation
Something for your Espresso: So, the banking crisis wasn’t over after all?
Something for your Espresso: A week of can kicking on the cards?
Something for your Espresso: What is the status on this bank crisis?
Steno Signals #42 – 4 take-aways from investor meetings in New York
Money Watch: How do we track deposit flights?
Steno Signals #41 – Deutsche, Deustche alles ist vorbei?
5 things we watch: Deposit flights, lending standards, liquidity, peak rates and PMIs
Banking Crisis Liveblog Week 2 – Credit Suisse
Something for your Espresso: Bye bye to AT1 investors
Another hectic week is in the making and we don’t find risks to be contained yet. The Fed is likely to hike on Wednesday even if markets are screaming that they should rather cut. The first stages of the crisis playbook are playing out. The next will be true pivots from central banks.
Steno Signals #40 – The banking crisis is likely to accelerate in coming weeks
The banking crisis will continue to rage until the Fed and the ECB accept the underlying reason for the deposit flight. Banks cannot cope with an über-inverted yield curve, why cuts are needed asap to contain the situation. It will likely get worse before it gets better.