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13 Mar 2023

13 Mar 2023

Radical Rate Repricing

• Bond yield plunge. Extreme moves in bonds with US yields falling sharply (2yr down another ~60bps) as the Fed rate outlook is radically repriced.• Weaker USD. The adjustment has weighed on the USD. AUD is higher, though it is little changed on the crosses, illustrating how USD-centric it has been.• US CPI. Markets may have moved too far when it comes to Fed expectations. US CPI released tonight, another strong result could generate more volatility. The turmoil stemming from the US regional banking issues has continued despite efforts from authorities to try and contain contagion and macroeconomic risks. In...

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13 Mar 2023

Everything, Everywhere, All At Once

Much like last night’s Oscar winner, the financial markets appear to be exploring every possibility in the multiverse this morning. Major equity indices are oscillating between gains and losses, global bond yields are plummeting, and currency markets are exhibiting flight-to-safety dynamics after authorities stepped in to unwind Silicon Valley Bank and backstop deposits across a US banking sector that is experiencing losses on its long-dated bond holdings. In a joint statement released before Asian trading began, the Federal Reserve, Treasury and Federal Deposit Insurance Corporation said that depositors in the collapsed institution would have access to their funds from today, with...

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