Morning Market Download from Invincible Money 

Personal finance + economics + markets 

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

Bank Run of the WeekPacWest Bancorp is the latest bank to have issues. Their stock sank 17% after announcing that customers had withdrawn 1/5 of all deposits. The bank bolstered it's balance sheet by raising $1.4 billion from investment firm Atlas SP Partners and another $15 billion loan from the federal government.

We've had 5 bank failures in 10 days.

Coindesk Served with a Wells NoticeCoinbase received a warning yesterday from the SEC saying they potentially violated securities law. The stock was down 16%.

No CBDC in FloridaGov. Ron DeSantis proposed a law that would ban Central Bank Digital Currencies in Florida. FL is the second state of propose such a law after ND. Hopefully, the first states of many, especially after the Feds have said they're rolling out FedNow as soon as June. While not technically a CDBC, it's one step closer to the government having more control of our money.

Celsius Holders get 72.5% BackThe account holders of bankrupt crypto bank Celsius can now get 72.5% of their crypto back if they approve a new settlement.

Sam Bankman-Fried and other key employees of FTX, before it's collapse, got $3.2 billion in payments and loans. For some reason SBF is still not in jail.

Yellen said, "Now in the world that we live in, although this was a small community and a disproportionate share of Silicon Valley bank (SVB) deposits, this kind of thing may more readily happen," Yellen concluded.

A New World:  Yellen called the SVB situation a "new phenomenon" that could happen again if liquidity for many banks doesn't improve. Not a good sign. At the very least, it's going to cost the government money to shore up the banks. Where does that money come from? Printing it! (See: Bitcoin)

Dollar Liquidity BoostCentral Banks around the world, like the US Federal Reserve, European Central Bank, the Bank of Japan, and others are working together to boost dollar liquidity to help the banking crisis.

The FedWith another rate hike behind us, the Fed has to worry about it causing even more rate hikes. Unrealized losses are $620 billion, which is up from $8 billion a year ago. Sec. Yellen said they won't guarantee all deposits.

Apple & Microsoft Pull Away from the PackWhile other tech giants are struggling, Apple and Microsoft has seen their share in the S&P 500 rise to an all-time high.

 Nvidia Keeps Going Up A key making of AI chips, the stock is up 15.3% over the past 8 days.

Bonds Tell the StoryThe bond market is pricing a recession and rate cuts as near certainty this year as the economy weakens. Traders see a 50% chance the Fed doesn't increase rates again and may actually lower rates.

Finally Cutting Back43% of millennials and 56% of Gen Xers are cutting back on "fun" purchases are they're more likely to believe we're either already in a recession or will be soon. Gen Z are the  generation still spending the most.

Be a Better Investor

Investing Bias to Be Aware ofConfirmation bias: the tendency to seek out and favor information that supports one's existing beliefs and opinions.

What would you like me to add to this newsletter?

Please reply to this email and let me know! 

Thanks for reading,

Trajan King