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Reports of US Considering Raising Deposit Insurance Bolsters Sentiment

EMERGING MARKETS
  • US officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis.
    • Treasury Department staff are reviewing whether federal regulators have enough emergency authority to temporarily insure deposits greater than the current $250,000 cap on most accounts without formal consent from a deeply divided Congress, according to people with knowledge of the talks.
  • EGBs have led core fixed income lower this morning as concerns about the banking sector have receded somewhat. The biggest moves have been seen in Schatz with yields up over 20bp on the day.
  • JPY weakness has been notable early Tuesday, with markets taking profits on the sharp rally in the currency across the unfolding of the banking crisis over the past fortnight. Europe's bank sector is seen higher early Tuesday, helping buoy underlying sentiment to keep haven FX under pressure.
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