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The fate of the entire U.S. banking system is in hands of one man today: Jerome Powell. Should he raise interest rates?
Prices as of 4 pm EST, 3/21/23
All eyes will be on the Fed this afternoon as policymakers gather in Washington to discuss and determine the best path forward for interest rates. Is Powell in a no-win situation? A pause would suggest a lack of confidence in the system, a 25bps increase would add further pressure to said system, and 50bps could lead to panic.
Across the pond, prices in theUK jumped unexpectedly in February. A hotter-than-expected CPI print reversed a three-month trend of cooling prices ahead of the Bank of England’s monetary policy decision due tomorrow.
Further east, Presidents Xi Jinping and Vladimir Putin have agreed to cooperate in several economic areas, including expanding bilateral trade, developing rail and other logistics infrastructure, and energy and food security. The plan focuses on the years leading up to 2030.
Back to the US - after 12 straight months of declines, existing home sales surprised economists with a 14.5% increase in February, likely driven by a (since erased) dip in mortgage rates. The median price for those existing homes showed a year-over-year drop for the first time in 11 years.
Shares of the original meme stock (GameStop) surged in after-hours trading following the retailer’s first quarterly profit in two years. Driving profitability has been the company’s cost-cutting measures which CEO Matt Furlong reiterated would continue throughout 2023.
Despite coasting past earnings estimates, Nike is still facing an inventory glut which has led to falling gross margins. While revenues increased in all other markets, soft demand from China (its third-largest market) resulted in an 8% drop in sales.
In Q4–just months ahead of its collapse–Silicon Valley Bank loans to insiders (read: officers, directors, and principal shareholders) more than tripled over the previous quarter to $219 million, the most in 20 years. While no wrongdoing has yet to be alleged, US regulators will almost certainly be sniffing around to determine if enforcement action is required.
California Governor Gavin Newsom reached a deal with legislative leaders to put a cap on how much profit O&G companies can turn. The (misguided) new proposal would allow the state to dish out penalties for refiners who markup the price of gasoline beyond a certain point.
With oil prices at 15-month lows, OPEC+ delegates indicated the group would stick to its deal to cut output by 2 million barrels per day until the end of the year. The next meeting is set for April 3.
In France, workers are railing against changes to the pension system with strikes at liquid natural gas (LNG) terminals which have blocked shipments of refined products. The result has been widespread shortages of diesel supply throughout gas stations across the region:
Illiquidity: According to JPMorgan, the bond market is experiencing its worst liquidity since 2020.
Chatbot: Google is expanding public access to its ChatGPT rival, Bard, to select users across the US and UK.
Potential ban: TikTok CEO Shou Zi Chew is set to appear before US Congress tomorrow where he’s expected to testify that a ban on the app would hurt the American economy.
Bullion: Investors are piling into gold with hopes that a Fed pivot will boost the precious metal toward all-time highs.
Easing rent: Rent inflation for single-family homes in the US cooled for the ninth consecutive month after rising at the slowest rate since 2021 in January.
Prices as of 4 pm EST, 3/21/23
Taxes: The IRS has proposed new guidance which would tax NFTs at the same rate as other collectibles (like stamps, art, and fine wines).
Ripple: The price of XRP jumped by some 25% yesterday as investors become more optimistic about Ripple winning its court battle with the SEC.
ARB: A would-be thief has laid the groundwork to swipe 3 million Arbitrum tokens in an upcoming airdrop.
Supreme Court: The highest court in the land heard arguments yesterday in its first-ever crypto-related case involving Coinbase’s bid to halt customer lawsuits and move to private arbitration.
White House: In a report published yesterday, the White House criticized various aspects of the cryptocurrency industry, citing issues for consumers, the financial system, and the environment.
Cable: With 59% ownership already, Liberty Global has agreed to buy the rest of Telenet for roughly $1 billion.
Logistics: A Hong Kong tycoon is exploring a sale of a logistics empire that could be worth over $1 billion.
Casinos: The Philippines’ gaming regulator is looking to sell 41 casinos for $1.47 billion in government revenue.
Crypto derivatives: FTX’s crypto derivatives platform, LedgerX, is attracting bids from firms including Miami International Securities Exchange (MIAX).
AIA: Trading platform eToro has raised $250 million at a $3.5 billion valuation in the form of an Advanced Investment Agreement (AIA).
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