Macro Briefing: 23 March 2023

* Treasury Sec. Yellen: blanket guarantee to all bank deposits not being discussed
* Fed’s Powell says SVB collapse was “outlier” and banking system is “sound”
* Bank stocks fall after comments from Federal Reserve and US Treasury
* Bank turmoil complicates debt-ceiling talks in Washington
* Fed oversight bill backed by Sens. Rick Scott (R) and Elizabeth Warren (D)
* Macro hedge funds hit hard by recent bank turmoil
* Investment firms buying land in US West for water rights
* SEC set to bring lawsuit against Coinbase, a leading crypto firm
* Federal Reserve raises interest rates despite bank turmoil:

The outlook for another rate hike at the next FOMC meeting on May 3 turns cloudy, based on Fed funds futures. “Financial conditions seem to have tightened, and probably by more than the traditional indexes say,” said Federal Reserve Chair Jerome Powell on Wednesday, after the central bank announced another 1/4-point hike in interest rates. “The question for us though is how significant will that be — what will be the extent of it, and what will be the duration of it.”