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๐Ÿ“ˆ Macroeconomics

FSB publishes 2023 G-SIB list

Too Big to Fail Alert! Financial Stability Board: "One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed."

Highlights: One bank (Bank of Communications (BoCom)) has been added to the list of G-SIBs that were identified in 2022, and two banks (Credit Suisse and UniCredit) have been removed. The overall number of G-SIBs therefore decreases from 30 to 29. FSB member authorities apply the following requirements to G-SIBs:
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
October 31โ€“November 1, 2023 FOMC Minutes

October 31โ€“November 1, 2023 FOMC Minutes: "The staff provided an update on its assessment of the stability of the financial system and, on balance, judged that the financial vulnerabilities of the U.S. financial system were notable."

Developments in Financial Markets and Open Market Operations: The manager turned first to a review of developments in financial markets over the intermeeting period. Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
Notice of Designated Reserve Ratio for 2024.

FDIC Alert! Notice of Designated Reserve Ratio for 2024. FDIC designates that the Designated Reserve Ratio (DRR) for the Deposit Insurance Fund shall remain at 2 percent for 2024.

What is the Designated Reserve Ratio? * The Federal Deposit Insurance Act requires the FDIC's Board of Directors to set a target or Designated Reserve Ratio (DRR) for the Deposit Insurance Fundย (DIF) annually. * The DRR is the total of the DIF divided by the total estimated insured deposits
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
Survey of Consumer Expectations

Survey of Consumer Expectations: U.S. households probability of being able to come up with $2,000 if an unexpected need arose within the next month falling to its lowest level since 2013.

Source: https://www.newyorkfed.org/microeconomics/sce/credit-access#/financial-fragility1 Wut Mean?: Overall Decline in Consumer Credit Demand (2023): * General weakening in most credit application rates. * Credit card limit increase applications rose. Rejection Rates Trends: * Overall rise in rejection rates for credit applications. * Decline in rejection rates for credit card limit
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
$3,132,539,000 (+$486,854,000 since September 30) in interest to survive another day...

As of 10/31/23 total outstanding amount of all advances from the liquidity fairy under the Bank Term Funding Program was $120,605,902,000. $3,132,539,000 (+$486,854,000 since September 30) in interest to survive another day...

Date Amount outstanding Pledged collateral Interest paid 3/15 $11,942,528,000 $15,855,798,000 $662,000 3/31 $64,595,880,000 $79,569,489,000 $93,568,000 4/30 $83,061,693,000 $104,229,674,000 $369,957,000 5/31 $107,376,686,
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
50 companies filed for bankruptcy in October

50 companies filed for bankruptcy in October, down from 61 in September, according to the latest S&P Global Market Intelligence data. So far, 561 companies sought bankruptcy protection, more than any year since 2010, except for 2020.

Source: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-slow-in-october-number-of-large-filings-rises-78294932 TLDRS: * 50 companies filed for bankruptcy in October, down from 61 in September. * This was the second-lowest monthly total for the year so far, though still elevated compared to monthly filing totals for most of 2021 and 2022. * So far,
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics