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The Federal Reserve is facing one of its toughest decisions yet in terms of interest rates due to recent banking turmoil. Although the Fed had been preparing for another data-driven rate hike just a few weeks ago, the collapse of Silicon Valley Bank has led to a banking panic that has made the decision more complicated. As the Fed meets, officials must carefully consider how much weight to give the…
Watch today’s US Open for commentary on the takeover of Credit Suisse by UBS and how the banking turmoil has affected market expectations for the Fed’s policy decision, due on Wednesday
Banking giant UBS agreed to buy troubled Credit Suisse with the blessing of Swiss regulator and government, with authorities around the world striving to safeguard the financial system, as focus now shifts the US Fed’s policy decision
The Fed's balance sheet increased at the same time that FXCM's US.BANKS basket declined. This, as the confidence crisis in the banking sector unfolded.
The US30 closed higher yesterday as a syndicate of banks threw First Republic a lifeline. Four major US banks, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, will each make a $5 billion uninsured deposit into First Republic Bank as part of a $30 billion backstop by 11 banks to support the banking industry. First Republic's stock fell by 14.7% in after-hours trading after the bank disclosed that it…
Watch today’s US Open for the initial reactions to the ECB’s 0.5% rate hike, commentary on the latest developments around Credit Suisse
A calm has been restored to the market following the failure of SVB. The key event for today will be retail sales, out at 12:30 PM GMT. Traders will also be interested in the PPI data released at the same time. Yesterday’s CPI came in at 6% y/y, which was lower than the previous 6.4% y/y. Barring any surprises, the market expects the Fed to hike by 25 bps on…
Watch today’s US Open for commentary on the latest US CPI Inflation report, the collapse of the Silicon Valley Bank and more
The tech-heavy index is on the front foot today, as the failure of Silicon Valley Bank may constrain the US Fed’s tightening prospects and markets now have lowered their expectation around the policy path
FXCM’s USBANKS basket dropped yesterday. The basket was down around 9.6% for the day. Shares in JPMorgan Chase and Wells Fargo were down 5% and 6%, respectively.
Watch today’s US Open for insights on Fed Chair Powell’s testimony, its impact on market pricing around the central bank’s policy path and more
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