US Federal Reserve & Treasury discussing an Emergency authority to backstop bank deposits

For troubled SVB bank.

Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term & US Treasury are considering an emergency lending program.

This would be to backstop demands by bank customers to withdraw money.

ICYMI, the story over the weekend and into Monday morning here in Asia:

• Monday morning open levels - indicative forex prices - 13 March 2023

• Chatter is that HSBC and JP Morgan are exploring buying troubled bank SVB

• More SVB - Federal Reserve examining steps to make funding easier as 'backstop' for banks

• First Republic assures clients of continued strength of capital, liquidity, operations

Adam and Justin had eyes on developments all weekend (read from the bottom up for the chronology:

• Bitcoin isn't waiting for the bailout announcement as it takes off in 7% rally
• US government to make 'material' announcement on Silicon Valley Bank today - report
• Yellen: SVB collapse 'clearly a concern'
• SVB collapse: What's next?
• Fed in talks to create a fund to backstop deposits if more banks fail - report