There’s always a new one lurking. It’s the nature of the beast. Banking is inherently unstable. Most of the time that’s not obvious and banking operations run smoothly. But panics flare up, sometimes for trivial reasons but inevitably a new bank run emerges. Chalk it up to behavioral ticks, irrationality or whatever narrative framing makes you happy. But history is clear: as long as banks have existed, the latent instability roars forth anew every so often.
Daily Archives: March 14, 2023
Macro Briefing: 14 March 2023
* Investors rush into safe havens as banking turmoil roils markets
* Outlook for more Fed rate hikes under new scrutiny amid banking turmoil
* Wall Street considers risks beyond banking system after SVB collapse
* China’s Xi to meet Putin in Moscow, as early as next week
* Russia agrees to 60-day extension of wartime grain-export deal
* N. Korea continues to launch missiles to sea as allies hold drills
* US and allies unveil details on submarines aimed at patrolling Pacific
* Policy-sensitive 2-year Treasury yield falls sharply amid fears of banking crisis: