Five U.S. Megabanks Have Lost $300 Billion in Market Cap in One Year; Crypto Is in Meltdown this Morning; and the Fed Will Hike Rates Further on Wednesday
By Pam Martens and Russ Martens: June 13, 2022 ~ Welcome to Monday morning and market hell. As of 8:47 a.m. (ET) this morning, Dow futures are down 553 points; Bitcoin futures have lost 17 percent of their value on the news that cryptocurrency lender, Celsius Network, has frozen withdrawals. The 5-year Treasury note has spiked to yield 3.38 percent, a 50-basis point increase in a month, leading to an inverted yield curve against the 10-year Treasury note, which is trading at 9:01 a.m. (ET) this morning at a yield of 3.27 percent. (An inversion signals a rising recession risk.) All of this comes as the Fed has signaled that it will announce another interest rate hike this Wednesday, following the two-day meeting of its Federal Open Market Committee (FOMC). Stocks are developing a habit of tanking one day after Fed Chair Jerome Powell holds his FOMC Wednesday afternoon press conference, … Continue reading →
Source: http://silveristhenew.com/2022/06/13/five-u-s-megabanks-have-lost-300-billion-in-market-cap-in-one-year-crypto-is-in-meltdown-this-morning-and-the-fed-will-hike-rates-further-on-wednesday/
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