Goldman: "Are We Approaching The End Of The Dollar Reserve Currency System"

Last week was book-ended with a focus on CS/UBS on Monday and a focus on Deutsche bank on Friday. FOMC came and went with a consensus read of a 25bps dovish hike that came alongside some reassurance that the end of the tightening cycle is near (language shift from ‘ongoing’ hikes to ‘additional policy firming may be appropriate’). That being said, the US regional banking pressures persist… albeit with no ‘new’ bad news to deal with and First Citizens trading up over 50% on the back of SVB acquisition news…The European banks recovering from a bout of extreme and aggressive de-grossing.

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