Wholesale trade, January 2023

tweet at 8:43am: ECB TOLD MINISTERS TUESDAY SOME EU BANKS COULD BE VULNERABLE tweet at 8:44am: *ECB'S GUINDOS SAID EU LENDERS MUCH LESS EXPOSED TO SVB FALLOUT *ECB'S GUINDOS SAID CONFIDENCE SLUMP COULD TRIGGER EU CONTAGION tweet at 8:45am: Ecb's de guindos: there is no room for complacency on the eu banking system.'Some EU Banks May Be Vulnerable' - ECB Tells Ministers 'No Room For Complcency' The world was saved there briefly overnight after SNB's giant liquidity shot into CS. But it didn't take long fort reality to sink in about the band-aid-like nature of this facility. However, the situation under the hood may in fact be worse than some thought as Bloomberg reports, according to people familiar with the talks, that ECB Vice President Luis de Guindos told finance ministers on Tuesday that some European Union banks could be vulnerable to rising interest rates. Guindos said that the ECB couldn’t rule out that some lenders might be at risk because of their business models, according to the people. The market did not like that reality check with European IG credit spreads now above yesterday's highs...

Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to the Governing Council’s policy rate decisions, which will be determined by its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. The Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area. The euro area banking sector is resilient, with strong ca tweet at 9:17am: ECB: Inflation Too High for Too Long ECB: Data Dependent Approach Needed ECB: Stands Ready to Act As Necessary ECB: Banking Sector Resilient ECB: Toolkit Fully Equipped ECB: Governing Council Is Monitoring Current Market Tensions Closely and Stands Ready to Respond As Necessary https://t.co/ULUy8YSeSa tweet at 9:17am: #ECB IS READY TO RESPOND ON PRICE STABILITY, FINANCIAL STABILITY - BBG *ECB: TOOLKIT EQUIPPED TO PROVIDE LIQUIDITY SUPPORT IF NEEDED *ECB: TPI IS AVAILABLE FOR UNWARRANTED, DISORDERLY MARKET MOVES