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☆ PacWest sells $3.5 billion loan portfolio to asset manager Ares
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - PacWest Bancorp (PACW.O) unveiled a deal on Monday to sell a $3.54 billion lender finance portfolio to asset manager Ares Management (ARES.N), its latest move to strengthen its balance sheet after it was rocked by the U.S. regional banking crisis. The deal, which helped drive up PacWest shares by more than 6%, came after it said in May it was evaluating asset sales. As a result, PacWest turned to asset sales. Reuters GraphicsPacWest said the lender finance portfolio consisted of high-quality, asset-backed loans from a variety of borrowers. PacWest said it fetched $2.01 billion from selling the first part of its lender finance portfolio, with further tranches to close later.

Persons: Ares Management, Paul Taylor, PacWest, Christopher McGratty, Reuters Graphics PacWest, Banks, Blackstone, Ares, Niket, David French, Shinjini Ganguli, Matthew Lewis Organizations: PacWest Bancorp, U.S, Federal, Reuters Graphics, Barclays, Thomson Locations: KBW, Bengaluru, New York

☆ PacWest sells $3.5 bln loan portfolio to asset management firm Ares
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - PacWest Bancorp (PACW.O) said on Monday it was selling a $3.54 billion lender finance loan portfolio to Ares Management (ARES.N), in an attempt to boost liquidity at the U.S. regional lender, sending its shares up 7% in premarket trading. Since late May, Los Angeles-based PacWest has also sold its real estate lending unit and a huge chunk of its real estate loans. Through sale of such loans, some regional banks in the United States are trying to shore up capital and build investor confidence after a recent banking crisis. PacWest fetched $2.01 billion in proceeds from sale of the first part of its lender finance loan portfolio, it said in a filing with the U.S. Securities and Exchange Commission. Its lender finance arm provided loans to small business lenders, commercial real estate lenders and consumer lenders.

Persons: PacWest, Paul Taylor, Blackstone, Ares, Niket, Shilpi Majumdar, Shinjini Organizations: PacWest Bancorp, Ares Management, U.S, Federal Reserve, U.S . Securities, Exchange Commission, Barclays, Thomson Locations: Los Angeles, United States, Bengaluru

☆ Economy at critical juncture in inflation fight: central-bank body
▼ + stars: | 2023-06-26 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

"The global economy is at a critical juncture. Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities. The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the BIS report said, warning that the possibility of further problems in the banking sector was now "material". Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

Persons: Stern, Agustin Carstens, Claudio Borio, Borio, Marc Jones, Emelia Sihtole Organizations: BIS, LONDON, Bank for International Settlements, Reuters, Reuters Graphics Reuters, Silicon Valley Bank, Credit Suisse, Bank of America, U.S . Federal Reserve, European Central Bank, Thomson Locations: Britain, Norway, Silicon

Hedge funds and other money managers purchased the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 20. The combined position was 346 million barrels (12th percentile for all weeks since 2013) which was essentially unchanged from 350 million barrels on March 28 after the eruption of the U.S. regional banking crisis. Chartbook: Oil and gas positionsIn the most recent week, funds bought Brent (+16 million barrels), NYMEX and ICE WTI (+5 million) and European gas oil (+9 million) but sold U.S. gasoline (-2 million) and U.S. diesel (-4 million). The position in crude (268 million barrels, 8th percentile) is basically unchanged since late March and the position in middle distillates (22 million barrels, 29th percentile) is unchanged since early April. But economic growth is decelerating across North America, Europe and China, dampening expected consumption of oil.

Persons: John Kemp, Mark Potter Organizations: U.S, Brent, ICE, U.S . diesel, Funds, Saudi, Thomson, Reuters Locations: Saudi Arabia, distillates, OPEC, North America, Europe, China, U.S

June 27 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Wall Street closed in the red on Monday - the Nasdaq shed more than 1% for the third trading day in four - and the U.S. yield curve inversion accelerated to near-historic levels. But inflation and policy concerns are driving sentiment more than geopolitical fears. The Bank for International Settlements on Sunday called for more rate hikes, warning the world economy is at a crucial juncture in the fight against inflation. The International Monetary Fund's Gita Gopinath said on Monday investors may be overly optimistic on the speed and cost of taming inflation.

Persons: Jamie McGeever, Gita Gopinath Organizations: Kremlin, Nasdaq, Swiss, Bank for International, U.S, JSR, Japan Investment Corp, ECB, Thomson, Reuters Locations: Russian, U.S, Japan, Canada, Sintra, Portugal

☆ Central bank body BIS warns world economy at critical juncture in inflation fight
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +4 min

The world's central bank umbrella body, the Bank for International Settlements (BIS), called for more interest rate hikes in its 2023 annual report, warning the world economy was now at a crucial point as countries struggle to rein in inflation. Aaron Chown - Pa Images | Pa Images | Getty ImagesThe world's central bank umbrella body, the Bank for International Settlements (BIS), called on Sunday for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation. If interest rates get to mid-1990s levels the overall debt service burden for top economies would, all else being equal, be the highest in history, Borio said. Banking crisesThe Swiss-based BIS held its annual meeting in recent days, where top central bankers discussed the turbulent last few months. Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

Persons: Aaron Chown, Stern, Agustin Carstens, Claudio Borio, Borio Organizations: Bank for International Settlements, BIS, Reuters, Silicon Valley Bank, Credit Suisse Locations: Britain, Norway, Silicon

☆ World economy at critical juncture in inflation fight, central-bank body warns
▼ + stars: | 2023-06-25 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities. The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the BIS report said, warning that the possibility of further problems in the banking sector was now "material". "Very high debt levels, a remarkable global inflation surge, and the strong pandemic-era increase in house prices check all these boxes," the BIS said. Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

A short position is essentially a wager an asset's price will fall, and a long position a bet it will rise. Funds expanded their already record net short two-year Treasuries futures position to more than 1 million contracts for the first time. The scale of the move lately is remarkable - the net short position has more than doubled in just two months. Notably, funds' net short two-year Treasuries position now exceeds their net short 10-year Treasuries position by some 354,000 contracts. Reuters ImageIf this is indeed hedge funds betting on an inverted 2s/10s yield curve, they are sitting pretty.

Persons: that's, Jamie McGeever, Tom Hogue Organizations: U.S, Futures Trading Commission, Reuters, Barclays, Thomson Locations: ORLANDO, Florida, U.S . Federal, U.S, York

☆ SVB agrees to sell its investment banking division
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - SVB Financial Group (SIVBQ.PK) said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash, repayment of an intercompany note, and a 5% equity instrument, the company said. First Citizens BancShares Inc (FCNCA.O) bought all the loans and deposits of the failed bank in March, leaving some $90 billion in securities with the FDIC for sale. The lender continues to evaluate strategic alternatives for its division, SVB Capital, and company's other assets and investments, it said. Reporting by Akanksha Khushi in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeff Leerink, Leerink, Akanksha, Leslie Adler Organizations: SVB Financial, SVB Securities, Baupost, Federal Deposit Insurance Corporation, Silicon Valley Bank, BancShares Inc, SVB, Suisse, UBS, Thomson Locations: SVB, reverberated, Bengaluru

☆ Glenda Jackson, Oscar-Winning Actress Turned Politician, Dies at 87
▼ + stars: | 2023-06-15 | by ( Benedict Nightingale | ) www.nytimes.com time to read: +2 min

But she did not flourish there and left at 16. (Ms. Jackson remained convinced that she was plain, even ugly — a belief later reinforced by the academy’s principal, who told her that she could become only a character actress and “shouldn’t expect to work much before you’re 40.”)The schooling prepared her for what became six years in provincial repertory. In 1958 she married Roy Hodges, a fellow actor. Regional stage work meant periods of unemployment, odd jobs and poverty for the couple, and Ms. Jackson later admitted that she had shoplifted food and other essentials that she could conceal under her coat. Her big break came in 1964, when the director Mr. Brook brought her into an experimental group he was assembling for the recently formed Royal Shakespeare Company.

Persons: Glenda, Albert Finney, Peter O’Toole, Jackson, “, Roy Hodges, Brook, “ Marat, Sade, Tony, Jackson’s Charlotte Corday Organizations: Navy, West, West Kirby County Grammar School for Girls, Royal Academy of Dramatic Art, Royal Shakespeare Company, Broadway Locations: West Kirby, London

☆ This regional bank is a 'compelling value’ amid tough time for sector, Piper Sandler says
▼ + stars: | 2023-06-15 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Recent updates from bank executives reinforce the idea that while deposits have stabilized, the industry faces pressure from rising funding costs, weaker lending and coming regulations, according to Piper Sandler analysts. The analysts named two picks for the current environment: "From here, our favorite large regional is Fifth Third Bank , and we find U.S. Bank a compelling value for patient investors," Siefers wrote. Regional bank stocks have r ebounded off the year's lows in recent weeks. The analyst said that customers' move away from non-interest bearing deposits and falling demand for loans have prompted several regional banks to lower their 2023 guidance for net interest income. Fifth Third Bank is "now among the most conservative on through-the-cycle [deposit] assumptions and preparedness for a sustained challenging environment," Siefers wrote.

Persons: Piper Sandler, Scott Siefers, Siefers, Piper Sander, CNBC's Michael Bloom Organizations: Fifth Third Bank, U.S, Bank, Silicon Valley Bank Locations: Silicon

☆ Morning Bid: Inflation anxiety, yet S&P 500 keeps on running
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Samuel Indyk. Jerome Powell and his band of brothers on the Federal Open Market Committee will be sitting nervously. Money market traders are pricing around a three-in-four chance the Fed keeps rates on hold and a one-in-four shot of a 25 basis point hike. The S&P 500 (.SPX) closed on Monday at its highest level since April last year and is up well over 20% from its October 2022 low - a bear market rally or a new bull market? They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Samuel Indyk, Jerome Powell, Jim Reid, they're, Reid, FOMC, Susan Fenton Organizations: Federal, of Labor Statistics, Reuters, CPI, Deutsche Bank, Money, People's Bank of China, Nikkei, Thomson Locations: U.S, Asia, Japan

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ Why the U.S. Electric Grid Isn’t Ready for the Energy Transition
▼ + stars: | 2023-06-12 | by ( Nadja Popovich | Brad Plumer | ) www.nytimes.com time to read: +13 min

Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. That makes it hard to build the long-distance power lines needed to transport wind and solar nationwide. To make the plan work, the nation would need thousands of miles of new high-voltage transmission lines — large power lines that would span multiple grid regions. Utilities are sometimes wary of long-distance transmission lines that might undercut their local monopolies. “The grid is already a critical element of our energy system,” said Matteo Muratori, an analyst at the National Renewable Energy Laboratory.

☆ Russia reports heavy fighting in southern Ukraine, Kyiv silent on counterattack
▼ + stars: | 2023-06-09 | by ( Dan Peleschuk | ) www.reuters.com time to read: +6 min

Press service of the State Emergency Service of Ukraine in Zhytomyr... Read moreKYIV, June 9 (Reuters) - Russia reported heavy fighting along the front in southern Ukraine on Friday, where bloggers described the first sightings of German and U.S. armour, signalling that Ukraine's long-anticipated counterattack was under way. The counteroffensive is ultimately expected to involve thousands of Ukrainian troops trained and equipped by the West. Russia, which has had months to prepare its defensive lines, says it has withstood attacks since the start of the week. Ukrainian Deputy Defence Minister Hanna Maliar described heavy fighting in the east, where she said Ukrainian troops had mainly held off Russian attacks. On the southern front she said only that battles were continuing for the settlement of Velyka Novosilka and that Russian troops were mounting "active defence" at Orikhiv.

Persons: Read, Ben Barry, They’ve, Barry, Volodymyr Zelenskiy, it's, Hanna Maliar, Ihor Taburets, Mark Trevelyan, Peter Graff, Angus MacSwan, Nick Macfie Organizations: Press, State Emergency Service of, West, Kyiv, International Institute for Strategic Studies, U.S, Bradley, Kremlin, Ukrainian, Reuters, Thomson Locations: Russian, Ukraine, Zviahel, Zhytomyr region, State Emergency Service of Ukraine, Zhytomyr ., KYIV, Russia, U.S, Orikhiv, Crimea, Tokmak, Dnipro, Moscow, Bakhmut, Europe, Velyka, Ukrainian, Cherkasy, Voronezh, Kyiv

☆ JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm
▼ + stars: | 2023-06-09 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

"This does remind me an awful lot of that March-to-June period in 2008," said Michele, rattling off the parallels. Last month, JPMorgan bought failed regional player First Republic; in March 2008, JPMorgan took over the investment bank Bear Stearns. Michele oversees more than $700 billion in assets for JPMorgan and is also global head of fixed income for the bank's asset management arm. The cycle coincides with the central bank's steps to rein in market liquidity through a process known as quantitative tightening. Brown | AFP | Getty Images"There are a lot of things that resonate with 2008" including overvalued real estate, he said.

Persons: Bob Michele, JPMorgan Chase, Michele, Jamie Dimon, Rick Rieder, Goldman Sachs, Jan Hatzius, Frederic J, Brown, Ribbing Organizations: & Commodities, JPMorgan, CNBC, First, Bear Stearns, Wall Street, Fed, AFP, Getty Locations: York, BlackRock, Downtown, Los Angeles , California, refinance

☆ Tiny tech bank defies US massacre of the minnows
▼ + stars: | 2023-06-08 | by ( John Foley | ) www.reuters.com time to read: +6 min

One example is $1 billion Live Oak Bancshares (LOB.N), which flouts many preconceptions about what it means to be a tiny U.S. bank. But if those failures demonstrated that rapid growth brings escalating risk, Live Oak is a counterexample. Because of the way that programme is structured, around 40% of Live Oak’s lending carries a government guarantee. The company spun out its cloud-based banking software division nCino (NCNO.O) in 2014; that firm is now worth $2.8 billion, more than twice Live Oak’s value. That more earthly valuation might reflect Live Oak’s biggest risk: that it starts to look more like the rest of the pack.

Persons: it’s, Chip Mahan, SVB, It’s, Huntley Garriott, Goldman Sachs, reckons, ’, Keefe, Mahan, Liam Proud, Streisand Neto Organizations: YORK, Reuters, Wachovia, Valley Bank, U.S, Regional, Silvergate, Reuters Graphics Reuters, government’s, Business Administration, SBA, Federal, Truist, PNC Financial Services, redwoods, Twitter, Thomson Locations: United States, North Carolina, U.S

☆ Goldman: Banks will talk about commercial real estate loan defaults 'for many quarters'
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman: Banks will talk about commercial real estate loan defaults 'for many quarters'U.S. regional banks will seek to lower their commercial real estate exposure and will talk about the defaults on their loan books "for many quarters to come," says Julian Salisbury, chief investment officer of Goldman Sachs Asset & Wealth Management.

Persons: Banks, Julian Salisbury Organizations: Goldman, Wealth Management Locations: U.S

☆ Here’s where the jobs are for May 2023 — in one chart
▼ + stars: | 2023-06-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Government added 56,000 jobs last month, higher than the average monthly gain of 42,000 over the prior 12 months. The U.S. payrolls report for May blew past expectations , supported by strong jobs gains in the professional and business services sector — as well as a jump in government employment. The unemployment rate rose to 3.7% in May against the estimate for 3.5%. Olu Sonola, head of U.S. regional economics at Fitch Ratings, said the jobs report is a mixed bag. "However, the 0.3% increase in the unemployment rate is the highest monthly increase since April 2020."

Persons: Dow Jones, Olu Sonola Organizations: of Labor Statistics, Dow, Fitch Locations: U.S

☆ Inflation, Fed policy back in focus for crypto investors as bitcoin enters summer doldrums
▼ + stars: | 2023-06-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The crypto market leader finished May down 7.9%, according to Coin Metrics, while ether posted a 2% loss. Absent other clear catalysts – such as the U.S. regional bank crisis whose start and end coincided with the crypto rally – price movements in June will probably be determined yet again by inflation, monetary policy and regulatory updates. "Crypto investors will probably follow the economy for clues on where prices go next," said Callie Cox, an analyst at the investment company eToro. "Bitcoin and ether are likely to gather assets from the more speculative crypto currencies that investors have abandoned since the various scandals," she added. Prices, like growth stock valuations, have come down and made the asset more digestible, and interesting, particularly for institutional investors.

Persons: Bitcoin, Crypto, Callie Cox, Sylvia Jablonski, eToro's Cox, Joel Kruger, There's, it's, Defiance's Jablonski Organizations: Fed, Metrics, LMAX, CNBC Locations: Defiance

☆ ECB's de Guindos warns financial markets are vulnerable to a sharp sell-off
▼ + stars: | 2023-05-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Financial markets could face a sharp downturn in the event of any further shocks to the global economy, European Central Bank Vice-President Luis de Guindos told CNBC on Wednesday. Earlier on Wednesday, the ECB published its May Financial Stability Review, saying that the euro area's stability outlook remained fragile in the aftermath of recent turmoil in the banking sector, which saw the failure of several U.S. regional banks and the emergency takeover of Credit Suisse by UBS. Global stock markets made a robust start to 2023, given falling energy prices, China's reopening and the surprising resilience of the euro zone economy — driving equity valuations back above historical averages, the ECB highlighted. This reversed abruptly in late February and March as a hawkish tone from central banks and unexpected stress in the banking sector roiled investors around the world. De Guindos said current market positioning rendered stocks vulnerable to any further macro surprises.

Persons: Luis de Guindos, De Guindos, de Guindos Organizations: European Central Bank, CNBC, ECB, Credit Suisse, UBS

☆ Parts of the market are getting pricey. But analysts like these 4 cheap stocks
▼ + stars: | 2023-05-30 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

But only a few stocks — namely mega-cap tech — are responsible for most of the gains , according to analysts. Some analysts, however, believe some parts of the markets are still worth buying. Stock picks In fact, some analysts and portfolio managers recently named stocks that are still cheap, including some in the tech sector. "What's not cheap — our growth stocks and tech stocks and they've had a massive rally here … And those stocks are trading at multiples of in excess of 30 times earnings," he told CNBC's "Street Signs Asia" last week. Look at what's out of favor — value stocks, and particularly cyclical stocks."

☆ Gold prices dip as U.S. debt deal, rate-hike bets weigh
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices held close to a two-month low on Tuesday as optimism over a U.S. debt ceiling deal and reduced bets for a pause in the Federal Reserve's rate hike policy in June dented the metal's appeal. Spot gold was down 0.2% at $1,938.57 per ounce by 0448 GMT. U.S. President Joe Biden said on Monday he feels good about prospects for passage by Congress of the debt ceiling deal that he reached with House of Representatives Speaker Kevin McCarthy. Having navigated the financial crisis of 2008, Minneapolis Fed President Neel Kashkari worries about systemic risks.

☆ In the Market: Amid the calm, the Fed brews the next storm
▼ + stars: | 2023-05-29 | by ( Paritosh Bansal | ) www.reuters.com time to read: +4 min

Earlier this month, Chairman Jay Powell said the Fed's monetary policy and financial stability tools were "working well together," allowing it to support banks and pursue price stability. But several people in the market believe not only is the regional banking sector still under stress, multiple other risks to financial stability also remain. Tighter monetary policy could well cause them to blow up or worsen the impact of other shocks, such as debt ceiling negotiations. "The Fed has no desire to conduct monetary policy through financial crises," said Wendy Edelberg, director of The Hamilton Project at the Brookings Institution. In its most recent financial stability report earlier this month, the Fed listed several areas of concern, including life insurance and some types of bond and loan funds.

☆ It’s Not Just the Debt Ceiling
▼ + stars: | 2023-05-26 | by ( Jeff Sommer | ) www.nytimes.com time to read: +3 min

These include:The potential for economic drag from the more restrictive fiscal policy that House Republicans are demanding from President Biden as a prerequisite for an increase in the debt ceiling. Oddly, the debt ceiling crisis provided temporary relief for many of the nation’s banks, economists for Moody’s Investor Service found in a recent study. “The debt ceiling impasse has been a tailwind for the banks,” Jill Cetina, associate managing director for Moody’s, said in an interview. But once the debt ceiling is lifted and the Treasury begins to raise money by selling large quantities of bonds, those purchases by investors in the open market will drain money from banks. “This may not be what you would expect, but the resolution of the debt ceiling crisis will be a headwind for banks,” she said.

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