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What to Watch: Regional Banks Back in Focus

US TSYS
Regional banks took the focus off the BOE rate hike announcement. Risk-off as PacWest falls 26% following 10Q filing mentions of asset quality, deposit decline and heavy goodwill impairment loss of $1.38B.
  • Aside from headline risk, markets getting ready for PPI following yesterday's largely in-line CPI data that rekindled rate cut projections as inflation metrics decelerate.
  • Up at 0830ET: PPI Final Demand MoM (0.3% est vs. -0.5% prio); YoY (2.5% est bs. 2.7% prior) followed by weekly jobless claims.
  • Fed speakers, MN Fed Kashkari appears for a moderated discussion at 0845ET at Norther Michigan University. Fed Gov Waller on financial stability/climate change, Madrid, text, Q&A at 1015.
  • Wrapping up the week's Treasury supply with $35B 4W, $35B 8W bill auctions at 1130ET; $21B 30Y Bond auction (912810TR9) at 1300ET

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