TD Ameritrade Network, Released on 5/1/23
We’ve had the 2nd, 3rd, and 4th largest bank failures in American history in the last two months, notes Jim Bianco. He discusses what collapse of First Republic Bank (FRC) means for the overall banking systems. He highlights that all of the movement in the economy is pointing to a slowdown. He goes over how the banking system is very complicated, so the market has a habit of misunderstanding and misjudging the banks. He also notes that futures are muted Monday ahead of this week’s FOMC meeting. he highlights that he thinks Powell is leaving the door open to hike and will hike again.
Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Prior to joining Arbor and Bianco Research, Jim was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).