TLDR
- At the upcoming Federal Open Market Committee (FOMC) meeting on March 22, a 25 basis point rate hike is the favored probability.
- A terminal fed funds rate of 5.50% with a 25bps cut at the end of the year
- The Unemployment Rate went up to 3.6% from 3.4%
- GBTC discount narrows after SEC hearing, up 7% in the past five days
- Second largest Bitcoin liquidation this year that sent Bitcoin down below $20,000
US
SVB Bank Run
SVB Financial Corp (SIVB) saw a 60% decline in share price on March 9 while seeing shares plummet a further 40% on March 10. A deposit run that led to the forced selling of assets after a tax loss of $1.8 billion. The bank is seeking over $2.25 billion, which had a knock-on effect on the banking sector as the top 4 largest banks saw $52 billion wiped out of the market cap.
This contagion spread to many other banks, including First Republic and Signature Bank, that were all halted on the exchange.
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