Macro Briefing: 22 March 2023

* China’s Xi tells Putin he wants to ‘strengthen coordination’ with Russia
* Federal Reserve faces tough choice on today’s decision on interest rates
* Fed will come under intense scrutiny in Congress over SVB failure
* UK inflation posts unexpected increase in February
* Bank crisis is expected to pinch commercial real estate lending
* Bank turmoil takes a bite out of oil prices
* Gold pulls back after briefly trading above $2000 an ounce
* US home prices fall vs. year-ago level–first decline in 11 years
* US existing home sales rebound sharply in February:

“Systemic credit event” is now seen as the biggest threat to markets, according to Bank of America’s March survey of global fund managers., reporting on the poll, released this week, writes: “Stresses in U.S. shadow banking and corporate debt and developed-market real estate could trigger such an event, said strategists.”