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2023-03-13

Fed Half-Point Hike Looks Less Likely as Financial Risks Flare

Yields on two-year Treasury notes tumble in Asian tradingSlower pace of hikes would allow time to as

Fed Half-Point Hike Looks Less Likely as Financial Risks Flare

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Regulators also pledged to fully protect even uninsured depositors at SVB.</p><p>“The double-barreled bazooka should be enough to quell potential runs at other regional banks,” Krishna Guha and Peter Williams, analysts at Evercore ISI, wrote in a note.</p><p>Fed policymakers next meet to set rates March 21-22. Early trading in Asia Monday suggested investors are betting the Fed will opt for a smaller rate hike as it balances concerns about financial strains with its campaign to bring down inflation.</p><h3>Yields Tumble</h3><p>Yields on two-year Treasury notes tumbled 14 basis points as of 9:25 a.m. in Tokyo, to 4.44%. They had surged above 5% last Wednesday, to the highest level since 2007, in the wake of Powell’s signaling that a 50 basis-point rate hike was on the table if upcoming economic reports kept coming in hot ahead of this month’s meeting.</p><p>“We continue to look for a 25 basis-point hike at next week’s meeting,” Michael Feroli, chief US economist at JPMorgan Chase &amp; Co., said in a note Sunday. “Even before the problems flared up in the banking sector, we thought a 50 basis-point move would be ill-advised, and we still think that is the case.”</p><p>Moving by a lesser magnitude — or even pausing the tightening campaign — would give Powell and his colleagues more time to assess whether there are further problems to emerge in the banking system. A senior US Treasury official told reporters on a call Sunday that there are some institutions that look like they have some similarities to SVB and perhaps to Signature.</p><p>“It may take some time before the full ramifications of SVB’s collapse are apparent,” Tom Kenny and Arindam Chakraborty, economists at Australia &amp; New Zealand Banking Group, wrote in a note Monday. “Front of mind for markets is the risk of contagion, deteriorating risk sentiment and potentially a broader financial crisis.”</p><p>Meantime, economic data are still pending. On Tuesday, Fed policymakers will get the latest reading on inflation, with the consumer price index for February due. Economists see the CPI rising 0.4% from the previous month, down slightly from a 0.5% gain in January.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Half-Point Hike Looks Less Likely as Financial Risks Flare</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Half-Point Hike Looks Less Likely as Financial Risks Flare\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-13 10:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-13/fed-half-point-hike-looks-less-likely-as-financial-risks-flare><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Yields on two-year Treasury notes tumble in Asian tradingSlower pace of hikes would allow time to assess falloutLess than a week after Federal Reserve Chair Jerome Powell opened the door to a re-...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-13/fed-half-point-hike-looks-less-likely-as-financial-risks-flare\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-13/fed-half-point-hike-looks-less-likely-as-financial-risks-flare","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168766917","content_text":"Yields on two-year Treasury notes tumble in Asian tradingSlower pace of hikes would allow time to assess falloutLess than a week after Federal Reserve Chair Jerome Powell opened the door to a re-acceleration in the pace of interest-rate hikes, the sudden eruption of financial strains at the US regional bank level is raising the bar on such a move.The exodus of depositors from Silicon Valley Bank and Signature Bank late last week showcased a crisis of confidence in the lenders’ assets, spurring US regulators into action Sunday to contain the problem.The Fed set up a new emergency facility to let banks pledge a range of high-quality assets for cash over a term of one year. Regulators also pledged to fully protect even uninsured depositors at SVB.“The double-barreled bazooka should be enough to quell potential runs at other regional banks,” Krishna Guha and Peter Williams, analysts at Evercore ISI, wrote in a note.Fed policymakers next meet to set rates March 21-22. Early trading in Asia Monday suggested investors are betting the Fed will opt for a smaller rate hike as it balances concerns about financial strains with its campaign to bring down inflation.Yields TumbleYields on two-year Treasury notes tumbled 14 basis points as of 9:25 a.m. in Tokyo, to 4.44%. They had surged above 5% last Wednesday, to the highest level since 2007, in the wake of Powell’s signaling that a 50 basis-point rate hike was on the table if upcoming economic reports kept coming in hot ahead of this month’s meeting.“We continue to look for a 25 basis-point hike at next week’s meeting,” Michael Feroli, chief US economist at JPMorgan Chase & Co., said in a note Sunday. “Even before the problems flared up in the banking sector, we thought a 50 basis-point move would be ill-advised, and we still think that is the case.”Moving by a lesser magnitude — or even pausing the tightening campaign — would give Powell and his colleagues more time to assess whether there are further problems to emerge in the banking system. A senior US Treasury official told reporters on a call Sunday that there are some institutions that look like they have some similarities to SVB and perhaps to Signature.“It may take some time before the full ramifications of SVB’s collapse are apparent,” Tom Kenny and Arindam Chakraborty, economists at Australia & New Zealand Banking Group, wrote in a note Monday. “Front of mind for markets is the risk of contagion, deteriorating risk sentiment and potentially a broader financial crisis.”Meantime, economic data are still pending. On Tuesday, Fed policymakers will get the latest reading on inflation, with the consumer price index for February due. 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