1. The Coin, the Constitution, Premium Bonds: Debt Limit Workarounds – NYT
2. US inflation eases to 4.9% in April as Fed tightening takes effect – FT
3. What the Fed Missed in Its Bank Crisis Confessional – Bloomberg Opinion
4. Druckenmiller Says US on Brink of a Recession, Sees Hard Landing – Bloomberg
5. CPI Report Shows Inflation Eased in April but Remains Stubbornly High – WSJ

1. Fed could be on the verge of repeating its 1970s mistake – CNN Business
2. US lenders warned that commercial property is ‘next shoe to drop’ – FT
3. Banking Is Stable? It’s an Illusion – Bloomberg Opinion
4. Federal Reserve warns of credit crunch risk after US bank turmoil – FT
5. Congress must act to protect smaller banks from investor nerves – FT Opinion
6. Home Prices Fell in Much of the U.S. During First Quarter – WSJ
7. What a U.S. Default Would Mean for Money-Market Funds – Barron’s
8. Calls for short-sale ban increase as regional-bank stocks wobble – MarketWatch

1. Local stress: The US regional banks under pressure – FT
2. Utter Chaos at the Short End of the Treasury Market – Wolf Street
3. Preferreds Get Burned in Historic Rout Spreading From Banks – Bloomberg
4. Factory Boom in US Drives Sales Surge for Excavators, Steel, & Trucks – WSJ
5. Yellen warns of ‘constitutional crisis’ over US debt ceiling impasse – FT
6. The problem with concentrated power – FT Opinion
7. Pozsar’s Writing Is Dense, Esoteric— And a Hit – WSJ *
8. What’s Happening to the Banking System? – Cullen Roche *

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1. Jobs up by 253,000 jobs, unemployment fell to 3.4% amid banking turmoil, rising interest rates and still-high inflation – WSJ
2. Investors are waking up to America’s debt dysfunction – FT
3. JPMorgan Sees Investors Moving to Gold, Tech Amid Recession Risk – Bloomberg
4. The rate raising cycle is moving into its final stages – FT Opinion
5. Powell Thinks the Fed Can Tame Inflation Without Recession – Barron’s
6. Gold retreats as U.S. jobs report casts doubt on Fed pause – MarketWatch
7. What the Market Is Saying About the Fed’s Next Move – Barron’s

1. A Debt Deal Could Help Solve the Country’s Inflation Problem – Greg Ip via WSJ
2. ECB raises rates as Lagarde warns of ‘more ground to cover’ – FT
3. Powell’s “Word Soup” Confuses Fed Watchers – Bloomberg Opinion
4. Shipper Maersk warns of ‘radically changed’ world as profits tumble – FT
5. China Takes the Yuan Global in Bid to Repel a Weaponized Dollar – Bloomberg
6. We have gone back to bailing out the banks – FT Opinion
7. Pushback Against Powell’s Prognosis Comes Almost Immediately – Bloomberg
8. The Fed: no secrets, no promises – FT Unhedged
9. Treasury Yields May Fall to 2% as Gundlach, Banks Eye Recession – Bloomberg
10. Schrödinger’s insolvency: Unrealized losses on global USD portfolios – Daniel Neilson *

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1. Federal Reserve poised to implement another quarter-point rate rise – FT
2. Avoiding Stagflation Will Take Brave Central Banks – Bloomberg Opinion
3. Chile’s move to control lithium alarms industry – FT
4. Bank runs are different now – FT Unhedged
5. Treasury’s 2024 regular buyback plan faces ‘extreme skepticism’ at Jefferies – MarketWatch
6. US Treasury to Launch First Buyback Program Since 2000 – WSJ
7. Risk of Fed fissures grows as inflation fight tests resolve – FT Opinion
8. Federal Reserve Raises Rates, Signals Potential Pause – WSJ

1. Investors warn of First Republic aftershocks – FT
2. Russia Nears Economic Milestone of Buying Yuan – Bloomberg
3. Analysts expect smaller ECB rate rises despite uptick in inflation – FT
4. To Control Inflation, the Fed Needs to Relearn Monetarism – Barron’s Opinion
5. Bank failures put pressure on Federal Reserve’s inflation fighters – FT
6. Half of America’s banks are already insolvent – how a credit crunch begins – Telegraph
7. The Banking Crisis Might Not Be Over Yet – NYT Opinion

1. Stock Market Calm Rekindles Debate Over Fed Tightening – WSJ
2. BOE Warns Taxpayer Faces £100 Billion Net Losses on UK QE Program – Bloomberg
3. ECB’s inflation dilemma: can Lagarde silence her critics again? – FT
4. Equity Bulls Count on Fed-Cycle Math That Worked For Decades – Bloomberg
5. Berkshire’s Munger: US banks are ‘full of’ bad commercial property loans – FT
6. Fed and ECB to set rates as banking turmoil mounts – FT
7. Fed Set to Raise Interest Rates to 16-Year High and Debate a Pause – WSJ
8. Hedge Funds Bet Dollar to Erase Hike-Cycle Gains as Fed Peaks – Bloomberg
9. Slow Dance Between Markets and Central Banks – John Authers via Bloomberg

1. Socialist Wave Sends Money Flying Out of Latin America – Bloomberg
2. Policymakers & business need to adapt better to structural uncertainty – FT Opinion
3. Techs good, transports bad – FT Unhedged
4. Fed Seeks Broad Changes to Bank Rules in Aftermath of SVB Failure – Bloomberg
5. US Inflation Pressures Persist, Reinforcing Case for Fed Hike – Bloomberg
6. First Republic Bank’s Options May Be Dwindling – Barron’s
7. Fed Has No Good Options; Risk of a Misstep Is Growing – Barron’s

1. Where’s the credit crunch? – FT Unhedged
2. US growth slowed sharply in first quarter as Fed pushed rates higher – FT
3. US in ‘Worst of Both Worlds’ With High Inflation, GDP Slowdown – Bloomberg
4. Is de-dollarization different this time? – Bloomberg Odd Lots
5. A stronger yen could jolt global markets – Reuters
6. At Schwab, Being a Big Bank Has Become a Big Problem – Bloomberg
7. Inflation Is Sticky, But Economists Can’t Agree on Why – Bloomberg BusinessWeek
8. First Republic Stuck in Standoff Between US, Bank Industry – Bloomberg
9. Regional US banks claimed easier capital rules would turbocharge loans – FT
10. Market Correction May Be Coming; One More Shoe Could Drop – Barron’s