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185 banks with $524 billion of assets had unrealized securities losses that exceeded their shareholdersโ€™ equity

Office of Financial Research: "As of Q4 2023, 185 banks with $524 billion of assets had unrealized securities losses that exceeded their shareholdersโ€™ equity."

The 2023 bank failures revealed banks' vulnerability to unrealized securities losses and rapid uninsured deposit withdrawals. Despite this, many banks still hold significant unrealized securities losses and uninsured deposits at risk of major commercial real estate (CRE) loan losses. This analysis from the Office of Financial Research (OFR) identifies
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
Fed Chair Jerome Powell

Fed Chair Powell: "we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2 percent."

Today in testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Fed Chair Jerome Powell provided a comprehensive overview of the current economic situation and the Fed's monetary policy actions. Powell noted that recent indicators suggest solid economic expansion, with gross domestic product growth
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
"We benefit in all of our work from robust public input regarding proposed rule changes."

SEC Chair Gary Gensler from his statement on the Spring 2024 Regulatory Agenda: "We benefit in all of our work from robust public input regarding proposed rule changes."

The Office of Information and Regulatory Affairs released the Spring Unified Agenda of Regulatory and Deregulatory Actions, which includes contributions related to the Securities and Exchange Commission and short- and long-term regulatory actions that administrative agencies plan to take. Statement from SEC Chair Gary Gensler: "In every generation since
dismal-jellyfish ๐Ÿงฑ Market Reform
U.S. Revolving credit (credit cards) grew by $7.02 billion (+6.3%) in May.

U.S. Revolving credit (credit cards) grew by $7.02 billion (+6.3%) in May to $1.345 trillion, up from $1.338 trillion recorded in April. Consumer Credit and Credit Card use continues to outpace the Fed's 2% inflation goal!

In May, consumer credit increased at a seasonally adjusted annual rate of 2.7 percent to $5.064 trillion. Revolving credit increased at an annual rate of 6.3 percent to $1.345 trillion, while nonrevolving credit increased at an annual rate of 1.4 percent to $3.718 trillion.
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
June saw an unprecedented spike in US corporate bankruptcy filings.

June saw an unprecedented spike in US corporate bankruptcy filings, the highest recorded in a single month since 2020, and outpacing half-year data from the past ten years.

June witnessed an unprecedented increase in US corporate bankruptcy filings, marking the highest number recorded in a single month since early 2020 and surpassing half-year totals not seen in over a decade. According to S&P Global Market Intelligence, there were 75 new corporate bankruptcy filings in June. This
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
Credit Suisse engaged in naked short sales

Korea's SFC Imposes Penalty Surcharges on Global Investment Banks for Violating Short Sale Regulations. Credit Suisse engaged in naked short sales in the amount of about KRW60.33 billion (162,365 shares on 20 stock items).

The Securities and Futures Commission, a sub-commission within the Financial Services Commission responsible for overseeing the securities and futures markets, held the thirteenth regular meeting on July 3 and decided to impose penalty surcharges amounting to KRW27.173 billion in total on two former Credit Suisse affiliated investment banks for
dismal-jellyfish ๐Ÿ“ฐ News