Macro Briefing: 14 March 2023

* Investors rush into safe havens as banking turmoil roils markets
* Outlook for more Fed rate hikes under new scrutiny amid banking turmoil
* Wall Street considers risks beyond banking system after SVB collapse
* China’s Xi to meet Putin in Moscow, as early as next week
* Russia agrees to 60-day extension of wartime grain-export deal
* N. Korea continues to launch missiles to sea as allies hold drills
* US and allies unveil details on submarines aimed at patrolling Pacific
* Policy-sensitive 2-year Treasury yield falls sharply amid fears of banking crisis:

Fed funds futures pricing in smaller rate hike for next FOMC meeting, which may possibly be the end of the policy tightening. “In the wake of SVB, interest rate yields have gone lower and will most likely continue to go lower as the Fed’s hand is being forced to be less hawkish in the coming months while the banking sector uncertainty plays out,” says Jeff Kilburg, founder & CEO of KKM Financial.