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Executive summary:

  • 11 lenders yesterday coordinated the injection of USD$30 billion to bolster First Republic Bank.
  • A bipartisan group of Senators led by Kyrsten Sinema (I-AZ) wrote to Fed Vice Chair Michael Barr yesterday saying they are “deeply concerned” that regulators may have missed “clear warning signs” ahead of the collapse of SVB.
  • Senate Banking Committee Chair, Sherrod Brown, wrote a separate letter urging Barr to consider, “the role that social media led coordination among customers played in causing or accelerating the failures.”
  • According to White House aides, President Biden will make a final decision on running for re-election, “in the coming weeks.”
  • House Speaker Kevin McCarthy (R-CA) will lead the annual House Republican retreat in Florida from Sunday to Tuesday to discuss strategy, the economy and debt, foreign policy, and energy.
  • US officials remain unconvinced by Chinese diplomacy of a key week for Ukraine.
  • White House Energy Security advisor Amos Hochstein told Bloomberg yesterday that the administration is in no rush to replenish the Strategic Petroleum Reserve despite a recent dip in the price of oil.
  • Poll of the Day: 60 percent of US voters approve of the federal government’s response to the collapse of Silicon Valley Bank.

Please find the full article attached below:

MNI POLITICAL RISK ANALYSIS - US Daily Brief 17-03-23 .pdf

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