US Banks are seeing the largest drop in bank deposits since the Great Financial Crisis pic.twitter.com/l5OVEBKUXA
— Cheddar Flow (@CheddarFlow) March 29, 2023
A 'Second Wave' Of Deposit Outflows Is Coming For The Banking Sector
In a new note today, Barclays strategist Joe Abate says the panic "SVB" wave is over.
Now comes Part II as "sleepy" depositors wake up to higher rates available in Money Market Funds.https://t.co/oCQGMrCzsw pic.twitter.com/WXai0AHoem
— Joe Weisenthal (@TheStalwart) March 29, 2023
Goldman Sachs cuts pay for London bankers by 40% $GS
— The_Real_Fly (@The_Real_Fly) March 29, 2023
The S&P is now back to fully overbought on the breadth oscillator.
Bulls, do you know what a divergence means? pic.twitter.com/Zo30aivBCR
— Mac10 (@SuburbanDrone) March 29, 2023
Let’s bundle the headlines:
* LendingTree to Cut 13% of Workforce; Sees $5.6M Charge
* Electronic Arts Cuts 6% of Its Workforce in Video-Game Slump
* Warner Music Group to Cut Headcount by ~270, or ~4%
* IBM Spinoff Kyndryl Cuts ‘Small Percentage’ of 90k Workforce@business
— Danielle DiMartino Booth (@DiMartinoBooth) March 29, 2023
VIX vs MOVE is at an extreme that suggests the relationship may see some mean reversion. Whether that means MOVE falling, VIX rising, or both.
Source: Refinitiv pic.twitter.com/Q7r3sA89rU
— Markets & Mayhem (@Mayhem4Markets) March 29, 2023