Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022

[el malo]

Lo pongo también aquí, ya que estamos hablando de bancos:

¿Qué está pasando? ¿pero no lo acaban de rescatar?

CDS Credit Suisse

994.53
quote price arrow up+439.76 (+79.27%)


https://www.cnbc.com/quotes/CSCD5

[siempretarde]

Inflation is projected to remain too high for too long.

Iba, como pasada de seriedad, la verdad es que ponerse ahi delante tiene que ser por decirlo con palabras "increible". Cuando un alpha va asi ... es que va a doler, pero mucho mucho y sabe que al final tendra que irse.

@PastorMesetario (2008-bis), si hoy nos hubieran hecho un Bernardos(TM) pues te daria la razon, pero han seguido con los planes, has oido la conferencia de prensa de Lagarde?

De nuevo, comentarios subrayando el elemento temporal: de aquí a 2025, no más tarde.

https://www.ecb.europa.eu/press/pressconf/2023/html/ecb.is230316~6c10b087b5.en.html

Good afternoon, the Vice-President and I welcome you to our press conference.

Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation to our two per cent medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to our policy rate decisions, which will be determined by our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission.

We are monitoring current market tensions closely and stand ready to respond as necessary to preserve price stability and financial stability in the euro area. The euro area banking sector is resilient, with strong capital and liquidity positions. In any case, our policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy.

The new ECB staff macroeconomic projections were finalised in early March before the recent emergence of financial market tensions. As such, these tensions imply additional uncertainty around the baseline assessments of inflation and growth. Prior to these latest developments, the baseline path for headline inflation had already been revised down, mainly owing to a smaller contribution from energy prices than previously expected. ECB staff now see inflation averaging 5.3 per cent in 2023, 2.9 per cent in 2024 and 2.1 per cent in 2025. At the same time, underlying price pressures remain strong. Inflation excluding energy and food continued to increase in February and ECB staff expect it to average 4.6 per cent in 2023, which is higher than foreseen in the December projections. Subsequently, it is projected to come down to 2.5 per cent in 2024 and 2.2 per cent in 2025, as the upward pressures from past supply shocks and the reopening of the economy fade out and as tighter monetary policy increasingly dampens demand.

The baseline projections for growth in 2023 have been revised up to an average of 1.0 per cent as a result of both the decline in energy prices and the economy’s greater resilience to the challenging international environment. ECB staff then expect growth to pick up further, to 1.6 per cent, in both 2024 and 2025, underpinned by a robust labour market, improving confidence and a recovery in real incomes. At the same time, the pick-up in growth in 2024 and 2025 is weaker than projected in December, owing to the tightening of monetary policy.

The decisions taken today are set out in a press release available on our website.

I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.

Economic activity

The euro area economy stagnated in the fourth quarter of 2022, thus avoiding the previously expected contraction. However, private domestic demand fell sharply. High inflation, prevailing uncertainties and tighter financing conditions dented private consumption and investment, which fell by 0.9 per cent and 3.6 per cent respectively.

Under the baseline, the economy looks set to recover over the coming quarters. Industrial production should pick up as supply conditions improve further, confidence continues to recover, and firms work off large order backlogs. Rising wages and falling energy prices will partly offset the loss of purchasing power that many households are experiencing as a result of high inflation. This, in turn, will support consumer spending.

Moreover, the labour market remains strong, despite the weakening of economic activity. Employment grew by 0.3 per cent in the fourth quarter of 2022 and the unemployment rate stayed at its historical low of 6.6 per cent in January 2023.

Government support measures to shield the economy from the impact of high energy prices should be temporary, targeted and tailored to preserving incentives to consume less energy. As energy prices fall and risks around the energy supply recede, it is important to start rolling back these measures promptly and in a concerted manner. Measures falling short of these principles are likely to drive up medium-term inflationary pressures, which would call for a stronger monetary policy response. Moreover, in line with the EU’s economic governance framework and as stated in the European Commission’s guidance of 8 March 2023, fiscal policies should be oriented towards making our economy more productive and gradually bringing down high public debt. Policies to enhance the euro area’s supply capacity, especially in the energy sector, can help reduce price pressures in the medium term. To that end, governments should swiftly implement their investment and structural reform plans under the Next Generation EU programme. The reform of the EU’s economic governance framework should be concluded rapidly.

Inflation

Inflation edged down to 8.5 per cent in February. The decline resulted from a renewed sharp drop in energy prices. By contrast, food price inflation increased further, to 15.0 per cent, with the past surge in the cost of energy and of other inputs for food production still feeding through to consumer prices.

Moreover, underlying price pressures remain strong. Inflation excluding energy and food increased to 5.6 per cent in February and other indicators of underlying inflation have also stayed high. Non-energy industrial goods inflation rose to 6.8 per cent in February, mainly reflecting the delayed effects of past supply bottlenecks and high energy prices. Services inflation, which rose to 4.8 per cent in February, is also still being driven by the gradual pass-through of past energy cost increases, pent-up demand from the reopening of the economy and rising wages.

Wage pressures have strengthened on the back of robust labour markets and employees aiming to recoup some of the purchasing power lost owing to high inflation. Moreover, many firms were able to raise their profit margins in sectors faced with constrained supply and resurgent demand. At the same time, most measures of longer-term inflation expectations currently stand at around two per cent, although they warrant continued monitoring, especially in light of recent volatility in market-based inflation expectations.

Risk assessment

Risks to the outlook for economic growth are tilted to the downside. Persistently elevated financial market tensions could tighten broader credit conditions more strongly than expected and dampen confidence. Russia’s unjustified war against Ukraine and its people continues to be a significant downside risk to the economy and could again push up the costs of energy and food. There could also be an additional drag on euro area growth if the world economy weakened more sharply than expected. However, companies could adapt more quickly to the challenging international environment and, together with the fading-out of the energy shock, this could support higher growth than currently expected.

The upside risks to inflation include existing pipeline pressures that could still send retail prices even higher than expected in the near term. Domestic factors, such as a persistent rise in inflation expectations above our target or higher than anticipated increases in wages and profit margins, could drive inflation higher, including over the medium term. Moreover, a stronger than expected economic rebound in China could give a fresh boost to commodity prices and foreign demand. The downside risks to inflation include persistently elevated financial market tensions that could accelerate disinflation. In addition, falling energy prices could translate into reduced pressure from underlying inflation and wages. A weakening of demand, including owing to a stronger deceleration of bank credit or a stronger than projected transmission of monetary policy, would also contribute to lower price pressures than currently anticipated, especially over the medium term.

Financial and monetary conditions

Market interest rates rose considerably in the weeks following our last meeting. But the increase has strongly reversed over recent days in a context of severe financial market tensions. Bank credit to euro area firms has become more expensive. Credit to firms has weakened further, owing to lower demand and tighter credit supply conditions. Household borrowing has become more expensive as well, especially owing to higher mortgage rates. This rise in borrowing costs and the resultant decline in demand, along with tighter credit standards, have led to a further slowdown in the growth of loans to households. Amid these weaker loan dynamics, money growth has slowed sharply, driven by its most liquid components.

Conclusion

Summing up, inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation to our two per cent medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to our policy rate decisions, which will be determined by our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. We are monitoring current market tensions closely and stand ready to respond as necessary to preserve price stability and financial stability in the euro area.

In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium-term target and to preserve the smooth functioning of monetary policy transmission.

We are now ready to take your questions.

[sudden and sharp]

Es que es lo que pasa Sudden, viendo lo que ha pasado en los ultimos dias con los bancos.

En Spain, p.e. los CFD para acciones tienen bastante poco volumen, incluso en el ibex, ahi, para meterse en un apalancado sin riesgo de que en cinco minutos te "volatilicen" tienes que ir a las grandes. En las ultimas semanas andaban bien de volumen en Bancos, por lo que se iba subiendo de apalancamiento y exposicion, pero manteniendo y subiendo poco a poco los SL. Durante un tiempo hay algunos que han sacado pero muy muy buenos rendimientos (aqui hablamos de un 200%), pero al reventar, faltaba volumen en CFDS(BID) en apalancado (de repente un desierto), por lo que ha sido de un  200% a un -50% (yo lo escribo bien ).

El que sabe, no entrara en un tiempo, o con menos apalancamiento, volumen y con cuidado, ya que se ha pagado las vacaciones y el riesgo para la re-entrada en otonio-himbierno. El otro va ... perdido.

A ver el segundo asalto...

Si claro, como las quinielas...








Si apuestas, o pierdes... o pierdes la semana siguiente. ¿Y a nosotros qué nos importa todo esto?

[siempretarde]

Mira por donde, voy a ser un poco malo ....

¿Y a nosotros qué nos importa todo esto? pues lo mismo que a mi me interesan como andan los monitos ....

[Tenemos la piel dura  ]

PD: Jamas he echo una quiniela... debo de ser el ultimo

Es que es lo que pasa Sudden, viendo lo que ha pasado en los ultimos dias con los bancos.

En Spain, p.e. los CFD para acciones tienen bastante poco volumen, incluso en el ibex, ahi, para meterse en un apalancado sin riesgo de que en cinco minutos te "volatilicen" tienes que ir a las grandes. En las ultimas semanas andaban bien de volumen en Bancos, por lo que se iba subiendo de apalancamiento y exposicion, pero manteniendo y subiendo poco a poco los SL. Durante un tiempo hay algunos que han sacado pero muy muy buenos rendimientos (aqui hablamos de un 200%), pero al reventar, faltaba volumen en CFDS(BID) en apalancado (de repente un desierto), por lo que ha sido de un  200% a un -50% (yo lo escribo bien ).

El que sabe, no entrara en un tiempo, o con menos apalancamiento, volumen y con cuidado, ya que se ha pagado las vacaciones y el riesgo para la re-entrada en otonio-himbierno. El otro va ... perdido.

A ver el segundo asalto...

Si claro, como las quinielas...








Si apuestas, o pierdes... o pierdes la semana siguiente. ¿Y a nosotros qué nos importa todo esto?

[siempretarde]

Le agradezco este post, posiblemente es el que mas me ha gustado a mi de todos los que ha hecho, porque es el primero en el que no muestra sus visiones de presente, sino que expresa como piensa que el futuro va a ser. Usted ha roto la mampara de cristal, desde mi punto de vista. De lo cual estoy agradecido, ya que me da para meditar, aunque a otros (en la vida real) moleste....

Pase o no: ojos tengo, que trompa no llevo.

Y sigo bastante "espesito"...

[(Continuación del comentario anterior:
https://www.transicionestructural.net/index.php?topic=2583.msg212100#msg212100 )

La nueva liquidez que vamos a dar a los bancos de depósitos es finalista. Es para que honren los depósitos, sagrados para el soberano monetario en la era de dinero fortísimo. Pero también es para quitarles de la urgencia de tener que vender su cartera de inversión en renta fija y mandar nosotros (congelar) en dicha desinversión; todo 'por ser vos quien sois': creadores de dinero bancario, una extensión de la soberanía monetaria.

Es decir, la nueva liquidez, incardinada en el nuevo rigor monetario, que continúa vigente, es para honrar depósitos y para esterilizar indirectamente títulos de renta fija (la esterilización directa es vía recompra).

Tenemos, así, en marcha dos bonitas metáforas con casi el mismo significado y efectos:
— pasteurización
— esterilización

Todo, selectivo y administrado. Yerra, y mucho, el descerebrado que piense que los bancos centrales improvisan.

A estos efectos, se incluye en este (mal) concepto de banca en la sombra, junto con los productos típicos (fondos, sociedades de inversión, plataformas, gestores,  chiringuitos, clubes, etc.), toda 'himbersión' que se perciba por los jugadores como 'metesaca' (inmo, crypto, tech, incluso oro).

Es decir, hay una banca en la sombra típica y otra atípica. Esta banca en la sombra atípica se presenta con distintos grados de institucionalización. Unas tienen hasta sociedad de contrapartida (recuerden la filatelia financiera). En otras es difusa. ¿Acaso no hay control social en el metesaca-inmo? ¿Acaso el ladrillariado no se harta de decir esa necedad de que «tengo mi dinero metido ('depositado') en ladrillo y 'venderse todo se vende'»?

Está todo yendo tan deprisa y tan bien que los estructuralistas estamos sorprendidísimos. Probablemente, en EEUU, en 2024, la desinmobiliarización estará cumplida.

No nieguen la recesión cuando interactúen con los mistificadores. Denla por hecha (a nosotros nos importa una higa lo que tanto les obsesiona a ellos: que el culpable es el odioso Estado). Eso sí, dejen claro que es la última recesión del ciclo estructural del modelo de los 1980 y que no tiene por qué ser especialmente sangrienta, a poco que se haya sido prudente dejando correr el agua que no había que beber. ¡Pues anda que no llevan años los propios mistificadores vendiendo la normalización de tipos de interés! Tiempo han tenido, todo el del mundo, para blindar sus carteras de renta fija, para des-'himbertir' ladrillos, cryptos y techs, y para guardar la ropa.]

[sudden and sharp]

Simios... no monos.









 

[siempretarde]

Pues bien. Yo siempre pense que era una pulga... Espero que mi experiencia de comer patatas me ayude en el futuro.

PD: Estoy bastante cansado de esas representaciones visuales de situaciones, cuando no son ciertas. "Un Mono persigue a una nina???" ->propaganda. A mi, que no juego a las quinielas, por que la probabilidad de ganar y el valor esperado es tan bajo, tiene que decirme las cosas de "OTRA" forma. Esto es guarderia... que llevamos muchas os**** encima.... no se para quien habla Usted, pero yo no me siento representado. Y si, estoy bastante "mosqueado", le esperaba "mejor".... algo asi como "normal" de lo que yo tambien me rio.

Simios... no monos.









 

[Cadavre Exquis]

TSMC Founder Says He Supports US Efforts To Slow China's Chip Advances
Posted by msmash on Thursday March 16, 2023 @02:01PM from the moving-forward dept.

The retired founder of TSMC said on Thursday that even as he supported U.S. efforts to slow China's advances in the semiconductor industry, the "bifurcation" of the global supply chain and the reversal of globalisation would increase prices and reduce the ubiquity of chips that power the modern world. From a report:

"There's no question in my mind that, in the chip sector, globalisation is dead. Free trade is not quite that dead, but it's in danger," Morris Chang said, speaking at an event hosted by Taiwan's CommonWealth Magazine. "When the costs go up, the pervasiveness of chips will either stop or slow down considerably," said Chang, who at 91 remains an influential voice in Taiwan's chip industry. "We are going to be in a different game." In Taiwan, TSMC, Asia's most valuable listed company and a major Apple supplier, is widely regarded as the "sacred mountain protecting the country," because of its economic importance. [...] U.S. "onshoring" and "friendshoring" efforts to boost chip manufacturing stateside or in allied countries present a predicament for Taiwan. "Friendshore does not include Taiwan. In fact, the commerce secretary has said repeatedly that Taiwan is a very dangerous place, we cannot - America cannot - rely on Taiwan for chips," Chang said. "Now that, of course, is I think Taiwan's dilemma."

Saludos.

[sudden and sharp]

Pues bien. Yo siempre pense que era una pulga... Espero que mi experiencia de comer patatas me ayude en el futuro.

PD: Estoy bastante cansado de esas representaciones visuales de situaciones, cuando no son ciertas. "Un Mono persigue a una nina???" ->propaganda. A mi, que no juego a las quinielas, por que la probabilidad de ganar y el valor esperado es tan bajo, tiene que decirme las cosas de "OTRA" forma. Esto es guarderia... que llevamos muchas os**** encima.... no se para quien habla Usted, pero yo no me siento representado. Y si, estoy bastante "mosqueado", le esperaba "mejor".... algo asi como "normal" de lo que yo tambien me rio.

Simios... no monos.









 

Yo soy el que no te entiende a ti.



Vale que comentemos hasta que punto los movimientos de la Bolsa puedan afectar a los depósitos de la gente en los bancos. Pero ahí sacaste tú los CFD y el apalancamiento que no tiene nada que ver con todo esto.

De ahí mi comentario: las apuestas que salen mal... pues no son problema de todos. ¿O sí lo son? De veras que no te entiendo.

[siempretarde]

Yo soy una persona "rara" muy "rara".

El comentario a la bolsa fue que ha habido una "limpieza", que a mucha gente las ha dejado pero con 180 pulsaciones. Yo soy una persona que no me alegro ni de grandes subidas ni grandes bajadas. Nunca me alegro de que personas ganen mucho dinero, ni tampoco que "les pasen por la piedra", cuando son meros peones en una jugada de reinas... Soy un mero observador de lo que pasa, que posiblemente calcula que repercusiones tiene esto.

Yo no me meto en "cortos" ni en "apalancados" ni en las otras 1000 variedades que hay. En las que se mete gente que no tiene "Ni puta idea de las consecuencias que puede tener estar ahi". Tengo conocidos a los que muy en la linea del foro, intenso sacarlos de la linea de fuego... sin resultados... una cosa para mi muy dolorosa, por que ellos tienen una vision de la situacion actual muy por encima del que lee-un-periodico-de-economia, cosa que me lleva cuasi a depresivo.

Se lo que se siente en una situacion asi, y por ello no se la deseo a nadie. He vivido 2008 muy de cerca, y he visto cosas que no te puedes ni imaginar. Al final en 2008 tuve "de alguna forma" la decision correcta, de lo que podria hablar con usted muchas horas, con, incluso, risas.

He estado horas, pero horas, intentando explicarle a alguien como un "chiringuito" de cortos, a pesar de dar rentabilidad, lo unico que buscaba era posiciones "cortas" contra sus intereses. Un poco complicado.... por eso no lo entienden. -Yo no soy nadie para decir cuando se preta el boton sell- OK???. Tendrias que ver mi cara ahora mismo

Pues bien. Yo siempre pense que era una pulga... Espero que mi experiencia de comer patatas me ayude en el futuro.

PD: Estoy bastante cansado de esas representaciones visuales de situaciones, cuando no son ciertas. "Un Mono persigue a una nina???" ->propaganda. A mi, que no juego a las quinielas, por que la probabilidad de ganar y el valor esperado es tan bajo, tiene que decirme las cosas de "OTRA" forma. Esto es guarderia... que llevamos muchas os**** encima.... no se para quien habla Usted, pero yo no me siento representado. Y si, estoy bastante "mosqueado", le esperaba "mejor".... algo asi como "normal" de lo que yo tambien me rio.

Simios... no monos.









 

Yo soy el que no te entiende a ti.



Vale que comentemos hasta que punto los movimientos de la Bolsa puedan afectar a los depósitos de la gente en los bancos. Pero ahí sacaste tú los CFD y el apalancamiento que no tiene nada que ver con todo esto.

De ahí mi comentario: las apuestas que salen mal... pues no son problema de todos. ¿O sí lo son? De veras que no te entiendo.

[Derby]

https://www.investing.com/news/economy/yellen-tells-senators-us-banking-system-remains-sound-3032222

US banking system sound but not all deposits guaranteed, Yellen says

WASHINGTON (Reuters) -The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions after two large bank failures mean that a blanket government guarantee now existed for all deposits.

In her first public remarks since the weekend's emergency measures with other regulators to ensure no depositors at Silicon Valley Bank and Signature Bank (NASDAQ:SBNY) suffered losses from those lenders' collapse, Yellen was pressed during a hearing before the U.S. Senate Finance Committee if that meant all uninsured deposits were now guaranteed.

"A bank only gets that treatment," she told U.S. Republican Senator James Lankford, if supermajorities of the boards of the Federal Reserve, the Federal Deposit Insurance Corp and "I, in consultation with the president, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences."

Her comment was the first explicit indication of regulators' views about the limits of the weekend's extraordinary guarantee that ensured that tens of billions in uninsured deposits at Silicon Valley and Signature were not lost.

Ahead of that exchange, Yellen had touted the "decisive and forceful" emergency measures taken on Sunday, saying they had helped restore depositors' confidence and prevented a more wide-ranging run on banks.

"I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen said.

"This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe."

But it was clear that the FDIC insurance limit of $250,000 per depositor remained in place and that any future failure would need to pose risks similar to those seen at Silicon Valley and Signature.

In their cases, Yellen said, "the chances of contagion that other banks might be regarded as unsound and suffer runs, seemed extremely high, and the consequences would be very serious."

More than $9.2 trillion of U.S. bank deposits were uninsured at the end of last year, accounting for more than 40% of all deposits, according to U.S. central bank data. Those uninsured deposits are not distributed evenly across the country, FDIC data shows.

'WEREN'T ON TOP OF IT'

The hearing, previously scheduled to discuss the Biden administration's budget proposal, offered the first public accounting by a member of the band of bank overseers who organized the rescue following Silicon Valley's failure last Friday. Signature was seized by regulators over the weekend.

Yellen said she first was made aware of SVB's difficulties last Thursday, a day before regulators closed the bank.

The emergency measures stretched beyond the depositor backstop, including enhancements for banking sector liquidity anchored by the Fed. The actions have been greeted with both relief and astonishment in Congress, where Democrats control the Senate and Republicans hold the House of Representatives.

Several senators bemoaned the failure of regulators to recognize the vulnerabilities and demand changes before the banks collapsed suddenly.

"This administration has a great deal of responsibility for the bank failures that we had," Republican Senator Charles Grassley told reporters outside the hearing, adding that regulators "weren't on top of it" in California. 

Republican Senator Tim Scott sought to blame the Biden administration's spending policies for fueling inflation that led to SVB's troubles as rapid Fed interest rate hikes eroded the value of its bond holdings - an assertion rejected by Yellen.

But the Treasury head said inflation still was the "number one economic problem" for the United States, and reducing it is President Joe Biden's top priority, adding that the Fed needed to "do its part" in that effort.

Some Democrats blamed a Republican-authored 2018 law that reduced the threshold for "systemically important" banks that required enhanced supervision - a club that SVB would have been in under previous rules.

FOCUS ON STABILITY

Yellen said Silicon Valley's collapse was essentially an inability to meet depositor demands for their money after the Fed's rate hikes over the last year undercut the value of the bond investments relied upon to fund the customer withdrawals. She also noted the high level of uninsured deposits at Silicon Valley as an aggravating factor.

"There was a liquidity risk in this situation," Yellen told the committee. "There will be a careful look at what happened in the bank and what initiated this problem, but clearly, the downfall of the bank, the reason it had to be closed, was that it couldn't meet depositors' withdrawal requests."

Her testimony focused on the safety of the U.S. banking system and did not include any references to the difficulties surrounding Credit Suisse, which saw its shares plunge on Wednesday before regulators pledged a $54 billion liquidity lifeline to the flagship Swiss lender.

Yellen said that regular stress testing for U.S. banks can help identify potential problems, but noted that supervisory stress tests now look for capital deficiencies, not liquidity problems.

"We're very focused right now on stabilizing the banking system and shoring up confidence, and I think there will be plenty of time that will be appropriate to look at what happened, and consider whether or not regulatory or supervisory changes are necessary," she said.

"But for now, I would like to see confidence restored in the soundness of American banks."

[Derby]

https://www.reuters.com/markets/us/fed-likely-raise-rates-by-25-bps-with-eyes-banks-pimcos-cio-2023-03-16/

Fed likely to raise rates by 25 bps, with eyes on banks -PIMCO's CIO

NEW YORK, March 16 (Reuters) - The U.S. Federal Reserve will likely raise rates by 25 basis points at its next rate-setting meeting next week, although further signs of financial sector instability could lead to a "hawkish" pause, said Daniel Ivascyn, chief investment officer at Pacific Investment Management Co (PIMCO).

Expectations on how aggressive the Fed will be in its inflation-fighting campaign have changed dramatically in recent days after troubles at U.S. regional banks and at Credit Suisse stoked contagion fears among investors.

But as the European Central Bank hiked rates by 50 basis points on Thursday, the U.S. central bank was expected to press on with a quarter-point interest-rate hike despite the banking sector turmoil.

"They're going to be watching signs of more instability across the financial sector very carefully," Ivascyn told Reuters. "There certainly are scenarios where they pause, it'll likely be a hawkish pause if it's a pause, but our current thinking is they go 25."

Ivascyn said he expected market volatility around banks to continue over the next few months with some "isolated areas of weakness," but said the global banking sector was well capitalized compared with the 2008 global financial crisis.(...)

[Derby]

https://www.elconfidencial.com/empresas/2023-03-16/bde-urge-completar-union-bancaria-credit-suisse-svb_3594017/

El BdE urge a completar la unión bancaria tras las crisis de Credit Suisse y SVB

El Banco de España defiende el modelo español de banca frente a las crisis de Silicon Valley Bank (SVB) y Credit Suisse, pero sugiere la necesidad de cambios en la regulación y las entidades para evitar sustos en el futuro. Así lo ha señalado este jueves la subgobernadora, Margarita Delgado, en un encuentro organizado por PwC.

"Espero que la situación que estamos viviendo esta semana sirva para reflexionar sobre la importancia del marco global de supervisión, regulación, resolución y sirva para completar la Unión Bancaria dando los pasos necesarios para implementar el pilar que nos falta", ha afirmado Delgado, en referencia al fondo de garantía de depósitos europeo (EDIS, por sus siglas en inglés), cuya creación ha sido bloqueada por Alemania en los últimos años.(...)

[senslev]

Parece que se terminó el QT, ha durado poco.

[senslev]

https://twitter.com/QTRResearch/status/1636524076108767233?s=20



Acabo de ver esto que ha puesto muyuu, y es lo mismo.

https://www.transicionestructural.net/index.php?topic=1501.msg212186#msg212186