TyB
PF: CFC1 Challenger 600Trudopereturning to Ottawa Intl from Vancouver B.C depart and overnight
Greater Vancouver Area, British Columbia
Private meetings
10:15 a.m. The Prime Minister will make a housing announcement. A media availability will follow. The Minister of Housing, Infrastructure and Communities, Sean Fraser, will also be in attendance.
https://www.pm.gc.ca/en/news/itineraries/2023/12/14/prime-ministers-itinerary-friday-december-15-2023
Two from Castro Jr. today so far and another from Premier of Manitoba
Trudeau pledges $115M funding to help build 40,000 homes in Vancouver
https://bc.ctvnews.ca/trudeau-pledges-115m-funding-to-help-build-40-000-homes-in-vancouver-1.6689470
Canada to keep pressure on Facebook to pay for news, Trudeau says
https://www.msn.com/en-ca/news/other/canada-to-keep-pressure-on-facebook-to-pay-for-news-trudeau-says/ar-AA1lzwFb
Kinew offers Manitoba as place of refuge to people fleeing Gaza conflict in letter to Trudeau
https://winnipeg.ctvnews.ca/kinew-offers-manitoba-as-place-of-refuge-to-people-fleeing-gaza-conflict-in-letter-to-trudeau-1.6689633
SAM196 G5 returning to JBA from Davis-Monthan AFB ground stop-departed Elmendorf AFB Anchorage after arriving yesterday from JBA depart
Bank Loan Volumes Shrink As Deposits Rise, But Trouble Is Brewing.
Yesterday we discovered that Regional bank shares have been soaring up towards pre-SVB levels despite yet another increase to a new record high in the usage of The Fed's bank bailout facility (now at $124BN)…[and as a reminder those funds from BTFP are one year term-see below]. We also saw the first aggregate outflow from money-market funds in seven weeks.
And so, with all that in mind, we shift attention to bank balance sheets as The Fed attempts to manufacture data on loans and deposits to ensure we don't panic.
On a seasonally-adjusted basis, total bank deposits rose by $28.4BN, after falling $54BN the prior week. On a non-seasonally-adjusted basis, total bank deposits jumped $65BN (the second weekly increase in a row) to the highest level since the SVB banking crisis (and deposit exodus). Even with deposit inflows and money-market outflows, the divergence did not improve much (yet). Excluding foreign bank deposits, domestic banks saw inflows on both an SA and NSA basis (+$36.4BN and $67.1BN respectively). Breaking it out, Large banks saw $30BN SA and $51BN NSA deposit inflows while Small banks saw $6.1BN SA and $15.3BN NSA deposit inflows.
Over the past six weeks, domestic banks have added $245BN in deposits (on an NSA basis) and lost $13BN in deposits (on an SA basis)… Rather oddly, on the other side of the ledger, amid these surging deposits this week, loan volumes shrank for both large and small banks (-$3.7BN and -$1.7BN respectively)… Finally, the key warning sign continues to trend ominously lower (Small Banks' reserve constraint - blue line), supported above the critical level by The Fed's emergency funds (for now)
As the red line shows, without The Fed's help, the crisis is back (and large bank cash needs a home - green line - like picking up a small bank from the FDIC).
All of which makes us wonder - you know, just thinking out loud - are we setting up for another banking crisis in March as:
1) BTFP runs out (it was only a 12 month temporary program), and
2) RRP drains to zero, at which point reserves get yanked which means huge deposits flight.[I don’t necessarily agree with that as plenty of tricks up sleeves but we’ll see how it plays out but it brings up the next point made in article]. Is that why The Fed needed to bring rates down massively and fast, to reduce the bond losses on banks' books?
https://www.zerohedge.com/markets/bank-loan-volumes-shrink-deposits-rise-trouble-brewing
This got cut off
I mentioned in October that the system was going to have to restore CONfidence in the 60/40 asset allocation that almost every single financial planner and talking head is married to and boy did they do that in starting in late Oct (bank stocks about mid October) and November and continue to do as that all important YE print is coming. Powell capitulated in his statements yesterday which is why John Williams was pushed out to dampen those expectations. >>20078986 pb
*Powell statements Weds. not yesterday
Which will most likely end in a settlement w/o any guilt or wrong doing admitted but only after a bunch of finger pointing and hand wringing by both.
Literally nothing habbens to these people any fine is pennies on the dollar of what they booked
They waited too long to light the sparkler in the engine bay when it left
Italian AF IAN1496 G5Def.Min. Guido Crosettodeparted Baku west after arriving from Tokyo Haneda Airport depart
Tokyo for this-cap 2
Britain, Japan, Italy sign $32B treaty to develop next-generation fighter jet
https://www.msn.com/en-us/news/world/britain-japan-italy-sign-32b-treaty-to-develop-next-generation-fighter-jet/ar-AA1lv46r
From today
Italy increases imports of Azerbaijani oil 25% in Jan-Oct
https://interfax.com/newsroom/top-stories/97704/
It got bored bein’ ignored
Just for you