Daily Close | Forex, Metals, Oil, Agriculture March 17, 2023



You put money in the bank today because you are confident you can take it out tomorrow; to you, a dollar that (3, 3) Banking is a confidence trick. That s enough to pay out the insured deposits and the FHLB, but it leaves only about 77 cents on the dollar for the uninsured depositors. The bonds still trade, and I see them quoted at more than 60 cents on the dollar.


LME Finds Some Nickel Underlying Its Contracts Is Missing.


; this is very crude.

United States

The FDIC might get: One bid to value the assets at $188 billion and pay out uninsured depositors at 100 cents, but demanding some sort of FDIC/Fed risk-sharing backstop. To some of the people close to the negotiations, it felt like Gruenberg had only agreed to an auction to prove just how uninterested the US banking industry was. Telis Demos writes at the Wall Street Journal: The structure of this deal also highlights that megabanks are hardly in need of another tidal wave of deposits.
So far in 2023, throughput at Transportation Security Administration checkpoints in the US has lagged behind 2019 levels about 60% of the time. Things happen Banks Borrow $164.8 Billion From Fed in Rush to Backstop Liquidity. Former Federal Reserve Vice Chair Richard Clarida and Goldman Sachs Group Inc. analysts are among those now predicting a higher probability of a recession in the US. So Big Banks and the Fed are simply feeding it back in a money-go-round.
Billions of Dollars in Fed Discount Window Suggests All Is Not Well in Banking. The US innovation ecosystem is too fragile.