The Monday Mix: March 13 – 19, 2023
Top-of-mind economic headlines as we start the week:
— UBS is to buy Credit Suisse, a systemically important bank on the verge of collapse, for $3.3 billion in a deal supported by the Swiss government.
— The Fed and other major central banks will expand currency swap lines to boost liquidity in the global markets through April to offset credit tightening.
— US consumer prices rose in February at an annualized rate of 5.5% (vs. 5.6% in January); most of the Feb. 0.4% price rise was due to housing.
— Major US banks will contribute a total of $30 billion in deposits to First Republic, the 14th largest US bank, to shore up its liquidity.
— The EU unveiled plans to on-shore at least 40% of clean-tech manufacturing, in response to $270 billion to be spent by the US on clean-tech.
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