Macro Briefing: 26 April 2023

* Uncertainty persists for House Speaker McCarthy’s debt-ceiling bill
* US debt default would trigger ‘economic catastrophe’, warns Treasury Sec. Yellen
* First Republic Bank’s stock falls 50% as depositors flee
* The troubles in the banking industry expected to weigh on economic growth
* US consumer confidence eased in April, near recent low
* US home prices rose in February–first monthly increase since June
* US money supply’s 1-year decline continues to deepen through April 3:

Regional bank stocks fall below recent support line, suggesting that more trouble is lurking for the industry in the wake of recent bank collapses.