https://twitter.com/Schuldensuehner/status/1653134644265750528 OOPS! Treasury Secretary Janet Yellen said on Monday that the United States could be unable to pay its bills by June 1 if Congress does not raise or suspend the debt limit, putting pressure on President Biden and lawmakers to reach an agreement to avoid a default. https://t.co/IgM4RDGFmW via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653135444077322242 Yellen urges Congress to act as soon as possible to avoid US default. Since hitting current statutory limit of $31.4tn in Jan, the Treasury has been staving off a possible default on federal obligations by using special accounting maneuvers. US could breach debt limit by June 1. https://t.co/28P2TDe524 via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653177395199836162 To put things into perspective: Just over a year ago, SVB, Credit Suisse & First Republic had an equity value of >$100bn. Today, their shareholders have been largely wiped out. The cause of death was the same in all cases: rapidly rising interest rates. https://t.co/vcetwTgyHx https://t.co/17mFwiz7KF via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653185468358434816 Investors are betting the dollar, down about 8.6% from September, will fall more as Fed tightening ends and amid banking, debt-default and recession worries. Decadelong rally leaves US currency as much as 15% overvalued, Goldman says. https://t.co/DFvz4TwHLq https://t.co/cWmc6qsxtu via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653271709896589313 Good Morning from #Germany, where Deutsche Bank is now offering 2.4% interest on 1y fixed saving account to retain or attract customer deposits. Deutsche deposits were down 5% to €592bn in Q1. Most happened before banking turmoil in Mar, driven by depositors seeking higher rates https://t.co/CVxBA5xjpt via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653275772734300163 Chegg plummeted as much as 38% after CEO's warning of ChatGPT is threatening growth of its homework-help services. Company, which offers online guidance for students taking tests and writing essays, also gave revenue and profit forecasts for the current quarter that fell well… https://t.co/BYM7RjASRr https://t.co/rO4H1gLyNP via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653323539632603137 Looks as if domestic part of German econ is in dire state. Retail sales unexpectedly plunged 2.4% in March MoM vs +0.4% exp, following -0.3% in Feb. Marks 4th mth of falling retail sales. Only w/help of foreign demand Germany will be able to avoid recession, Ruland Research says. https://t.co/foNrv8PHYZ via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653327675702820865 #Eurozone #inflation slightly accelerates to 7% in April from 6.9% March while Core CPI slows to 5.6% from 5.7%, more or less as expected. https://t.co/ZdyJDMH7Qu via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653355324089200642 To put things into perspective: Money market fund assets relative to global equity market cap are low. (via BBG) https://t.co/VXlhVye9aB via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653362228781776898 Investors poured >$50bn into money market funds last week as investors enter the sell-in-May-and-go-away period. https://t.co/g0GFEhoUWB via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653408780007112706 US JOLTs report for March has dovish implications for Fed's decision as vacancies at US employers fell by more than forecast. Job openings in March sank to 9.59mln, down from 9.93mln in Feb. Number was at 11.2mln as recently as Dec 2022. (via US) https://t.co/LO0xzsN9pk via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653702596002033666 Good Morning from #Germany where the youth unemployment rate drops back to 5.6%, an All-Time Low. This puts the youth unemployment rate at a third of the French rate and a quarter of the Italian rate and a fifth of the Spanish rate. https://t.co/YVOZcdv59o via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653705862148501507 Eurozone's unemployment unexpectedly fell to 6.5% in March from 6.6% in Feb, a fresh record low, in a further sign of a persistently tight labor market, despite the ECB's efforts to cool the economy by raising interest rates. But youth unemployment still far from record low. https://t.co/wUGX3O3Qo7 via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653709421363580929 Activist investor Carl Icahn is Hindenburg's latest short-selling target. The notorious research firm accused Icahn's fund of being inflated by 75% or more. Icahn and his son, Brett, own roughly 85% of the company. Stock plunges almost 20%. https://t.co/5oC1e3g2A6 https://t.co/8X0PnQcR9O via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653712256264175617 WTI #Oil plunged <$70/bbl as the prospect of a US recession threatened to curb fuel demand. Just days after OPEC+ began cutting production in an effort to stabilize markets, there was little indication that the group was having any success. https://t.co/7gtOF8hAAf https://t.co/gmlXbEcgNn via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653824245204394001 Peak Fed rate? #Fed hikes 25bp, which was largely priced in, but is not signaling any more hikes. Forward-looking language is very similar to that used in June 2006, when the Fed mounted one last rate hike during that campaign. Quantitative tightening will continue on pace --… https://t.co/5037InqBDq https://t.co/lp8C5ycG3z via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653858975534784512 #Fed's Powell says Fed can’t protect US economy from debt default. https://t.co/23ELVvEW6n via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1653871607398408195 Looks as if #Fed just ended one of the most aggressive tightening cycles in history: At least markets expect Fed to cut rates from now on. Sees Fed rates 75bps lower at end-2023. https://t.co/hLHvzuBUXY via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1654027395437936640 Good Morning on #ECB day from #Germany where key interest rate should be at 10.3% & so 6.8 ppts higher than the current rate, acc to Taylor Rule w/German core inflation at 5.9% & unemployment way below NAIRU. ECB rates should be 7.2 ppts higher for the entire Eurozone & 8.2 ppts… https://t.co/4CUhrFEcKd https://t.co/lruFd4jlhI via @Schuldensuehner

https://twitter.com/Schuldensuehner/status/1654099458588647424 #ECB slows pace of interest rate hike to 25bps as expected. Hints at more still to come: Main refi rate now at 3.75%, Depo rate at 3.25%, highest in almost a decade. Rate decision to be based on #inflation outlook. Expects to stop App reinvestments as of July. https://t.co/0ynwLT35Lr via @Schuldensuehner