US Federal Reserve & Treasury discussing an Emergency authority to backstop bank deposits

For troubled SVB bank.

Federal Reserve & US Treasury are considering an emergency lending program.

This would be to backstop demands by bank customers to withdraw money.

ICYMI, the story over the weekend and into Monday morning here in Asia:

• Monday morning open levels - indicative forex prices - 13 March 2023

• Chatter is that HSBC and JP Morgan are exploring buying troubled bank SVB

• More SVB - Federal Reserve examining steps to make funding easier as 'backstop' for banks

• First Republic assures clients of continued strength of capital, liquidity, operations

Adam and Justin had eyes on developments all weekend (read from the bottom up for the chronology:

• Bitcoin isn't waiting for the bailout announcement as it takes off in 7% rally
• US government to make 'material' announcement on Silicon Valley Bank today - report
• Yellen: SVB collapse 'clearly a concern'
• SVB collapse: What's next?
• Fed in talks to create a fund to backstop deposits if more banks fail - report