Upcoming Data Releases:
The Federal Reserve backstopped SVB deposits on Monday. Credit Suisse and First Republic also received commitments of cash in the second half of the week. The ECB hiked 50 bps despite the banking sector’s price volatility. Inflation came in at consensus levels. PPI and Retail sales came in softer than expected, but building permits above consensus. Consumer sentiment worse than expected.
Bond markets see a flight to quality.
Commodity prices are sinking.
Gold makes a 6 month high.
Treasury yields up across the board, strongest bids are in the longer maturities.
Bitcoin forms a 6 month high.