WEBVTT - The Push For Tougher Bank Regulation Is Underway

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<v Speaker 1>Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

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<v Speaker 1>day Break for Wednesday, March fifteenth. Coming up today, the

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<v Speaker 1>FED weighs tougher rules for lenders following the collapse of

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<v Speaker 1>Silicon Valley Bay Bank of America rakes in more than

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<v Speaker 1>fifteen billion dollars in deposits after the failure of SVB.

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<v Speaker 1>TikTok considers splitting away from Byte Dance, and investors await

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<v Speaker 1>reports on inflation and retail sales. The State Department is

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<v Speaker 1>condemning Rush over the downing of a US drone plus

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<v Speaker 1>Ohio suing North Park Southern over last month's trained arailment.

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<v Speaker 1>I'm John Tucker. More Ahead, I'm John Stash Aaron Sports.

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<v Speaker 1>The next road trip ended with a win at Portland

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<v Speaker 1>and nets lost at Oklahoma City, The Rangers one, the

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<v Speaker 1>Devils and Islanders bothe Law. That's all straight Ahead on

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<v Speaker 1>Bloomberg day Break, The business news you need, disturn your day,

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<v Speaker 1>and just one fifteen minute podcast each pointing on Apples, Spotify,

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<v Speaker 1>The Bloomberg Business Appen everywhere you get your podcasts. Good morning,

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<v Speaker 1>I'm Amy Morris and I'm kieron Moscow. Here are the

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<v Speaker 1>stories we're following today, we begin with a continued fallout

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<v Speaker 1>from the collapse of Silicon Valley Bank. Bloomberg News has

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<v Speaker 1>learned the Federal Reserve is now considering changes to its

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<v Speaker 1>oversight of midsized banks. At the same time, former FED

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<v Speaker 1>Vice Chair for Supervision Randall Quarrels, is downplaying the role

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<v Speaker 1>of looser rules in svb's collapse. I think there will

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<v Speaker 1>be an effort to push down some of the regulation

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<v Speaker 1>that currently applies to larger banks down into the smaller banks.

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<v Speaker 1>I may self think that for the most part, that

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<v Speaker 1>will probably be a mistake driven by a misunderstanding of

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<v Speaker 1>what just happened. Randall Quarrels served as the fed's top

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<v Speaker 1>cop on Wall Street from twenty seventeen to twenty twenty.

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<v Speaker 1>Well over the past few days, amy we've seen the

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<v Speaker 1>collapse of SVB and state regulators see Signature Bank. Despite

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<v Speaker 1>all of that, Federal Reserve Governor Michelle Bowman says America's

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<v Speaker 1>banking system remains on steady footing. The US banking system

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<v Speaker 1>remains resilient and on a solid foundation, with strong capital

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<v Speaker 1>and liquidity throughout the system. FED Governor Michelle Bowman made

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<v Speaker 1>the comments at a banking conference in Honolulu. Despite that assessment,

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<v Speaker 1>some officials want more oversight set at Banking Chairman Shared

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<v Speaker 1>Brown is among them. He sees little chance Congress will

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<v Speaker 1>move to Titan regulations. He's urging the Fed to act unilaterally.

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<v Speaker 1>Every time the Silicon Valley bank and bankers so often

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<v Speaker 1>come to Congress to weaken rules, too often, Congress goes along,

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<v Speaker 1>and whatever we do here, we're going to strengthen oversight rules.

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<v Speaker 1>Senate Banking Chairman Jared Brown spoke with Joe Matthew and

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<v Speaker 1>Anne Marie Hordern on Bloomberg Sound On. Catch the program

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<v Speaker 1>weekdays from one until three pm Eastern on Bloomberg Radio

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<v Speaker 1>and download sound on wherever you get your podcasts. Now.

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<v Speaker 1>A key question in the fedsprobe of Silicon Valley Bank

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<v Speaker 1>Amy will Be who was managing risk? And we get

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<v Speaker 1>that part of the story from Bloomberg's Done Christner. For

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<v Speaker 1>much of last year, SVB didn't have a chief risk officer.

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<v Speaker 1>A twenty twenty three proxy statement shows Laura Eziureta stepped

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<v Speaker 1>down from performing the role in April, although she didn't

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<v Speaker 1>leave the company until December. It was in December when

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<v Speaker 1>Kim Olsen took the job after serving as chief US

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<v Speaker 1>risk officer for Sumi Tomo Mutsui Banking Corporation. Olson was

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<v Speaker 1>based in New York, across the country from most of

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<v Speaker 1>the rest of the svb's top brass. The months along

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<v Speaker 1>vacancy has drawn the attention of lawyers who are circling

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<v Speaker 1>SVB with an eye on bringing shareholder lawsuits in New York.

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<v Speaker 1>I'm Doug Prisoner Bloomberg Daybreak. Thank you, Doug. When it

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<v Speaker 1>comes to worry's over Signature Bank, sources say federal prosecutors

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<v Speaker 1>were already investigating the firm before its seizure by regulators.

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<v Speaker 1>Bloomberg's Jeff Bellinger reports the probe involved the bank's work

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<v Speaker 1>with crypto clients. People familiar with the matter tell Bloomberg

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<v Speaker 1>the New York bank was being investigated by Justice Department

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<v Speaker 1>officials in Washington and Manhattan. The authorities wanted to know

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<v Speaker 1>whether Signature was taking sufficient steps to detect possible money

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<v Speaker 1>laundering by clients. Sources say the Securities and Exchange Commission

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<v Speaker 1>was also looking into the bank's operations. There's been no

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<v Speaker 1>official comment from many of the agencies or the failed

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<v Speaker 1>bank at this point. The bank and its staff are

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<v Speaker 1>not accused of any wrongdoing. Jeff Bellinger, Bloomberg Day Break,

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<v Speaker 1>Ry Jeff, thanks well, it was rebound day for regional

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<v Speaker 1>banks after the recent carnage on Wall Street. First Republic

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<v Speaker 1>had its biggest single day gain ever yesterday, rising twenty

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<v Speaker 1>seven percent, PacWest gained a record thirty four percent, and

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<v Speaker 1>Western Alliance Bank Corps rose fourteen percent. While those regional

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<v Speaker 1>bank shares were falling, short sellers minted more than two

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<v Speaker 1>billion dollars in paper profits in just three days. Trading

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<v Speaker 1>from Thursday to Monday saw the Spider SNP Regional Banking

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<v Speaker 1>ETF fall twenty three percent, its biggest plun since twenty twenty. Well,

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<v Speaker 1>the pain in regional banks is paying big dividends. For

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<v Speaker 1>Bank of America, bef A mopped up more than fifteen

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<v Speaker 1>billion dollars in new deposits in just a matter of days.

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<v Speaker 1>JP Morgan, Chase, City Group, and Wells Fargo also ranked

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<v Speaker 1>in billions. So the figures have not yet been disclosed.

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<v Speaker 1>Another major story we're following this morning involved TikTok. We're

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<v Speaker 1>learning the Chinese company's leadership is discussing the possibility of

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<v Speaker 1>separating from its parent company Bike dance. Let's get the

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<v Speaker 1>latest Live with Bloomberg. Steve Rappaport. Good morning, Steve, Good

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<v Speaker 1>morning Amy and Karen. Divesting TikTok from its Chinese parent

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<v Speaker 1>company would be a last resort if the platform's existing

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<v Speaker 1>proposal with national security officials falls through. That's according to sources,

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<v Speaker 1>who also tell Bloomberg Beijing would ultimately have final say

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<v Speaker 1>on a split Congress. The White House and more than

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<v Speaker 1>half of US states banned the use of TikTok on

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<v Speaker 1>government issued devices. The Senate is taking up legislation for

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<v Speaker 1>a total ban in the US. Live from New York,

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<v Speaker 1>I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks well.

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<v Speaker 1>On the economic front, where it coming off a day

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<v Speaker 1>where consumer prices showed inflation is still an issue. Now

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<v Speaker 1>we get another pair of key economic reports, and Bloomberg's

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<v Speaker 1>Michael McKee has the details. Two more reports on producer

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<v Speaker 1>prices and retail sales will help Fed policymakers decide what

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<v Speaker 1>still needs to be done to tame inflation and how quickly.

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<v Speaker 1>A week ago, investors were arguing over whether the Central

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<v Speaker 1>Bank should raise interest rates by a quarter or half

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<v Speaker 1>percentage point throw in one banking crisis, and some went

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<v Speaker 1>so far as to predict rap cuts. The Consumer Price

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<v Speaker 1>Report out Tuesday showed prices are still rising. However, today's

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<v Speaker 1>PPI will offer evidence of inflation in the pipeline, and

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<v Speaker 1>retail sales will show whether Americans still feel confident about

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<v Speaker 1>spending money. Michael McKee, Bloomberg Daybreak, Right, Michael, thank you,

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<v Speaker 1>and straight ahead. We have your latest local headlines, plus

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<v Speaker 1>a check of sports, and this is Bloomberg. Thank you, Karen.

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<v Speaker 1>Five h seven on Wall Street, thirty six degrees in

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<v Speaker 1>New York with partly Cloudy's guys going up to forty

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<v Speaker 1>five degrees. Time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world. For that, we're joined by Bloomberg's John Tucker.

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<v Speaker 1>Good morning John, Good morning Amy. A US unmanned aircraft

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<v Speaker 1>collimbed with the Russian fighter jet over the Black Sea.

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<v Speaker 1>Thirty two million dollar drone later crashed into the water.

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<v Speaker 1>US officials claimed the Russian pilots made close passes and

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<v Speaker 1>sprayed fuel onto the drone before the plane struck the

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<v Speaker 1>drone's rear propeller. State Department spokesman Ned Price We are

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<v Speaker 1>engaging directly with the Russians again at senior levels, to

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<v Speaker 1>convey our strong objections to this unsafe, unprofessional intercept which

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<v Speaker 1>caused the downing of the unmanned US aircraft. The State

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<v Speaker 1>Departments ned Price went on to call it a brazen

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<v Speaker 1>violation of the international law. Moscow insists its warplanes didn't

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<v Speaker 1>fire their weapons or hit the drone. The cleanup continues

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<v Speaker 1>from a north eastern north and west of New York City.

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<v Speaker 1>The governors of New York, New Jersey, and Connecticut issued

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<v Speaker 1>states of emergency yesterday. Some towns in Putnam County, New York,

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<v Speaker 1>are digging out for more than ten inches of snow.

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<v Speaker 1>New York lawmaker is floating a personal income tax increase

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<v Speaker 1>for individuals earning more than five million dollars and a

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<v Speaker 1>child tax credit expansion. Lawmakers also pitch raising the current

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<v Speaker 1>ten point nine percent tax rate to eleven point four

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<v Speaker 1>percent on taxpayers earning more than twenty five million dollars. Meanwhile,

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<v Speaker 1>State Senate and Assembly Democrats have pushed back on Governor

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<v Speaker 1>Hoko's plan to tie the minimum wage to inflation. They

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<v Speaker 1>say the hourly rate should first be boosted to ensure

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<v Speaker 1>workers earn a living wage. The deadline for lawmakers and

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<v Speaker 1>HOCO to agree on the proposed two hundred and twenty

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<v Speaker 1>seven billion dollars state budget is March thirty first. Ohio

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<v Speaker 1>is taking Norfolk Southern to court over last month's trained

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<v Speaker 1>deraimant and toxic fire in East Palestine, but State Attorney

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<v Speaker 1>General Dave Yo says the lawsuit aims to ensure the

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<v Speaker 1>railroad pays for the cleanup and environmental damage. This derailment

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<v Speaker 1>was entirely avoidable, and I'm concerned that Norfolk and Southern

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<v Speaker 1>maybe putting profits for their own company above the health

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<v Speaker 1>and safety of cities and communities that they operate in.

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<v Speaker 1>Yost also plans to force the company to pay for

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<v Speaker 1>groundwater and soil monitoring. Only years he had Global news

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<v Speaker 1>twenty four hours a day, power by more than twenty

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<v Speaker 1>seven hundred journalist and analysts more than one hundred twenty countries.

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<v Speaker 1>I'm John Tucker, this is Bloomberg Aby, all right, thank you,

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<v Speaker 1>John don now that the sports report brought to you

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<v Speaker 1>by try State Audi. For that, we bring in Bloomberg's

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<v Speaker 1>John's dash our all right. I mean Nicks have to

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<v Speaker 1>be happy they get a split of the four game

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<v Speaker 1>road trip. Considering Jalen Brunson only played a half of

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<v Speaker 1>one game, Emmanuel quickly has started in Brunsdon's place. At

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<v Speaker 1>in Portland, he scored twenty eight points at ten rebounds.

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<v Speaker 1>Nicks went from down thirteen to up nineteen. They meet

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<v Speaker 1>the Blazers one twenty three, one oh seven. They sit

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<v Speaker 1>fifth in the East game ahead of the Nets, who

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<v Speaker 1>ended their trip with Oklahoma City got outscored by twenty

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<v Speaker 1>four and the second half and OKC one one twenty

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<v Speaker 1>one one oh seven. Mcal Bridges led Brooklyn with thirty

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<v Speaker 1>fourth the Garden Rangers with a three goal first period

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<v Speaker 1>two by Meks Avantage. Add He's up to thirty four

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<v Speaker 1>goals on the year. The new Ranger Patrick Kane score

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<v Speaker 1>of the power play blue Shirt Street Washington five to three.

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<v Speaker 1>Devils lost to Tampa Bay four to one. Same two

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<v Speaker 1>teams play again in New York tomorrow. Islanders lost in

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<v Speaker 1>La five to two, Kings with four goals in a

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<v Speaker 1>ten minute span of the second period. NCUBAA Tournaments Underway

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<v Speaker 1>pit where the one point went over Mississippi State. Tonight

0:10:17.760 --> 0:10:21.600
<v Speaker 1>in Dayton, Fairleigh Dickinson takes on Texas Southern. Who's got

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<v Speaker 1>a record of ten and sixteen. FTU got into the

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<v Speaker 1>NC double As despite losing the n EC Attorney Final

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<v Speaker 1>to Merrimack, whose new to Division One and not yet

0:10:30.320 --> 0:10:33.480
<v Speaker 1>eligible for the NC Doubaas n IT Seaton Hall lost

0:10:33.520 --> 0:10:37.520
<v Speaker 1>by one of Colorado. Hofstra beat Rutgers in overtime. The

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<v Speaker 1>Giants traded a third round draft pick to the Raiders

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<v Speaker 1>for tight end Darren Waller. The Jets signed free agent

0:10:43.000 --> 0:10:47.240
<v Speaker 1>white out Alan Lazard. Will that lead to acquiring Lizard's

0:10:47.240 --> 0:10:51.199
<v Speaker 1>teammate at Green Bay Aaron Rodgers? Perhaps, but hasn't happened yet.

0:10:51.240 --> 0:10:54.600
<v Speaker 1>Better than QB Andy Dalton sign Carolina The Colts expected

0:10:54.679 --> 0:11:01.760
<v Speaker 1>release quarterback Matt Robert John stash Allen. Bloomberg Sports live

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<v Speaker 1>from coast to coast, from New York to San Francisco,

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<v Speaker 1>Boston to Washington, d C. Nationwide on Sirius, Exam of

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<v Speaker 1>Bloomberg Business app and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 1>Good morning. I'm Amy Morris, and we continue to track

0:11:17.400 --> 0:11:20.679
<v Speaker 1>the fallout after the collapse at Silicon Valley Bank. Turns

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<v Speaker 1>out we're seeing some larger banks benefit, but there's more

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<v Speaker 1>going on here too. We're joined now by Bloomberg Finance

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<v Speaker 1>reporter Jenny Sorain. Jenny, it's a pleasure, thanks for taking

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<v Speaker 1>the time. What is going on with Bank of America. Yeah,

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<v Speaker 1>that was the big news yesterday was that they've actually

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<v Speaker 1>soaked up more than fifteen billion in deposits in the

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<v Speaker 1>aftermath of svb's collapse last week. So you're really seeing,

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<v Speaker 1>you know, these bigger banks see just a huge influx

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<v Speaker 1>of customers as they seek you more stable and more

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<v Speaker 1>rights reliable banking partners during this time, So customers are

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<v Speaker 1>then saying, we don't want to deal with mid size

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<v Speaker 1>banks anymore. We want to find a bank that's too

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<v Speaker 1>big to fail. Um. That's one way of putting it. Um.

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<v Speaker 1>I mean, I think this really did spook a lot

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<v Speaker 1>of folks, and it's, you know, in a time where

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<v Speaker 1>it's hard to know, um, you know exactly what the

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<v Speaker 1>stability of your banking partner is, folks do tend to

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<v Speaker 1>go with the biggest players, and so I think that

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<v Speaker 1>is one thing that regulators and outside experts are worried about,

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<v Speaker 1>that this will cause this kind of flight to quality

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<v Speaker 1>in a way and just make these big banks even bigger.

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<v Speaker 1>Are there any other banks that are seeing an upside.

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<v Speaker 1>I know, Bank of America's the big headline. Yeah, no,

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<v Speaker 1>We've actually heard from a lot of other banks, you know,

0:12:36.880 --> 0:12:39.880
<v Speaker 1>City Group, JP, Morgan, Chase, Wells, Fargo also seeing really

0:12:39.920 --> 0:12:42.480
<v Speaker 1>really big influence right now. So I think it's it's

0:12:42.480 --> 0:12:44.600
<v Speaker 1>across the board. But we do have that, you know,

0:12:44.640 --> 0:12:47.320
<v Speaker 1>hard number for Bank of America fifteen billion, just to

0:12:47.320 --> 0:12:49.040
<v Speaker 1>give us kind of a sense of the scale of

0:12:49.080 --> 0:12:52.280
<v Speaker 1>the increase that these guys are seeing. So what are

0:12:52.320 --> 0:12:54.559
<v Speaker 1>some of the regulators doing now to make sure this

0:12:54.679 --> 0:12:59.840
<v Speaker 1>doesn't happen again? Yeah. You know, it's interesting because here's

0:12:59.880 --> 0:13:03.480
<v Speaker 1>an years ago. Back in twenty eighteen nineteen timeframe, we

0:13:03.559 --> 0:13:07.560
<v Speaker 1>saw a big rolling back of regulation for these midsized banks,

0:13:07.559 --> 0:13:09.439
<v Speaker 1>and a lot of folks in the past few days

0:13:09.480 --> 0:13:12.080
<v Speaker 1>have really been pointing to that time frame and those

0:13:12.120 --> 0:13:15.160
<v Speaker 1>moves by regulators as what sort of got us here today.

0:13:15.559 --> 0:13:18.520
<v Speaker 1>Back then, you know, they said, okay, for the regional

0:13:18.520 --> 0:13:21.400
<v Speaker 1>banks of SVB size, they no longer need to think

0:13:21.440 --> 0:13:24.920
<v Speaker 1>about these losses in the securities portfolio as part of

0:13:24.920 --> 0:13:27.360
<v Speaker 1>their capital. They did a few other things to kind

0:13:27.360 --> 0:13:29.840
<v Speaker 1>of lessen the load for these guys, and so a

0:13:29.840 --> 0:13:31.320
<v Speaker 1>lot of folks have been wondering, you know, if that

0:13:31.360 --> 0:13:33.800
<v Speaker 1>hadn't happened, would we be where we are today? And

0:13:33.800 --> 0:13:35.839
<v Speaker 1>so I think that's what regulators are really looking at

0:13:35.880 --> 0:13:39.040
<v Speaker 1>and looking to try to answer for folks, and looking

0:13:39.080 --> 0:13:41.679
<v Speaker 1>at ways that maybe they can undo some of what

0:13:41.720 --> 0:13:45.160
<v Speaker 1>they did just a few years ago. I wondered about that, Jenny.

0:13:45.240 --> 0:13:47.559
<v Speaker 1>There is a debate now over whether they need to

0:13:47.679 --> 0:13:50.959
<v Speaker 1>enforce the regulations that are still are already in place,

0:13:51.400 --> 0:13:53.400
<v Speaker 1>or if they do need to claw back and get

0:13:53.480 --> 0:13:56.439
<v Speaker 1>more of those regulations back from the twenty eighteen twenty

0:13:56.520 --> 0:13:59.440
<v Speaker 1>nineteen timeframe. What are you hearing? There's a lot of

0:13:59.440 --> 0:14:03.520
<v Speaker 1>finger pointing here. Yeah, it's definitely. I think, as you

0:14:03.600 --> 0:14:06.640
<v Speaker 1>might imagine in DC especially, it's become something of a

0:14:06.720 --> 0:14:09.720
<v Speaker 1>blame game. You know, you've got Democrats on one side saying, oh,

0:14:09.800 --> 0:14:13.079
<v Speaker 1>this was happening under Trump when he, you know, encouraged

0:14:13.120 --> 0:14:15.959
<v Speaker 1>the rollback of all these different regulations. You've got Republicans

0:14:15.960 --> 0:14:17.960
<v Speaker 1>on the other side saying, no, this all happened under

0:14:17.960 --> 0:14:20.680
<v Speaker 1>Biden's watch, and his regulators weren't, you know, they were

0:14:20.720 --> 0:14:22.680
<v Speaker 1>asleep at the wheels. So I think we're going to

0:14:22.760 --> 0:14:25.880
<v Speaker 1>see a lot more of that. And and you know,

0:14:26.240 --> 0:14:29.120
<v Speaker 1>I totally expected in some ways, but but I do

0:14:29.160 --> 0:14:31.560
<v Speaker 1>think you see regulators really digging in here and looking

0:14:31.560 --> 0:14:33.920
<v Speaker 1>for ways to make sure that something like this really

0:14:33.920 --> 0:14:36.640
<v Speaker 1>doesn't happen again. So how does this bound a factor

0:14:36.680 --> 0:14:39.960
<v Speaker 1>into the Fed's decision next week or will it? No?

0:14:40.320 --> 0:14:42.520
<v Speaker 1>I think that's a really important question, and when we're

0:14:42.520 --> 0:14:45.880
<v Speaker 1>trying to track very closely. I mean, I think the

0:14:45.920 --> 0:14:48.040
<v Speaker 1>one interesting aspect of all of this is, you know,

0:14:48.080 --> 0:14:51.040
<v Speaker 1>with these big big banks now seeing this huge influx

0:14:51.080 --> 0:14:54.080
<v Speaker 1>of deposits, it really has taken away the pressure for

0:14:54.120 --> 0:14:56.040
<v Speaker 1>them to pass on some of the FED rate hikes

0:14:56.080 --> 0:14:58.800
<v Speaker 1>to their customers. You know, that was something we really

0:14:58.800 --> 0:15:01.800
<v Speaker 1>thought we'd start seeing this and so it's already, um,

0:15:02.080 --> 0:15:04.480
<v Speaker 1>you know, you're already seeing some of the ways that

0:15:04.800 --> 0:15:07.720
<v Speaker 1>this you know, transmission mechanism from d rate hikes is

0:15:07.920 --> 0:15:10.840
<v Speaker 1>already starting to break down. So UM, I think it will.

0:15:11.000 --> 0:15:13.640
<v Speaker 1>There's no way it won't factor in, But hard to

0:15:13.680 --> 0:15:17.040
<v Speaker 1>say exactly how this might shake out. Has the death settled?

0:15:17.160 --> 0:15:20.440
<v Speaker 1>Is another shoe gonna drop? That's what we're watching. So

0:15:20.880 --> 0:15:23.760
<v Speaker 1>you know, I think it's hard to say. We've had

0:15:23.840 --> 0:15:26.600
<v Speaker 1>Moodies come out with a lot of more um, you know,

0:15:26.720 --> 0:15:30.200
<v Speaker 1>putting a lot more banks on ratings downgrade watch. Um,

0:15:30.200 --> 0:15:32.880
<v Speaker 1>they actually downgraded the entire sector yesterday. So it feels

0:15:32.880 --> 0:15:35.520
<v Speaker 1>like the rating agencies at least think there's more to come.

0:15:36.280 --> 0:15:39.520
<v Speaker 1>But regulators, they really tried to bring the full force

0:15:39.520 --> 0:15:42.480
<v Speaker 1>of the federal government who bear on Sunday, and so

0:15:42.760 --> 0:15:45.520
<v Speaker 1>I think they're hoping this is contained for now. But um,

0:15:45.800 --> 0:15:47.640
<v Speaker 1>but now you've got you've got folks on different sides

0:15:47.680 --> 0:15:50.360
<v Speaker 1>of the aisle on that one. Before we let you go, Jenny,

0:15:50.360 --> 0:15:52.800
<v Speaker 1>about a half a minute here, what are you watching

0:15:52.840 --> 0:15:55.960
<v Speaker 1>for in the next few days. I mean, I think

0:15:56.000 --> 0:15:58.280
<v Speaker 1>we're really paying attention to some of these regional banks

0:15:58.280 --> 0:16:01.360
<v Speaker 1>that had a really high rate show of uninsured deposits,

0:16:01.400 --> 0:16:03.520
<v Speaker 1>because those are the folks that might start to see

0:16:03.680 --> 0:16:07.280
<v Speaker 1>a real big pickup in deposit plate and that was

0:16:07.320 --> 0:16:10.800
<v Speaker 1>really what prompted the failure of SCB on Friday. So

0:16:10.840 --> 0:16:14.000
<v Speaker 1>I think that's what we're mostly looking for, looking for

0:16:14.040 --> 0:16:19.760
<v Speaker 1>any signs that you're seeing a big outflows, and beyond that,

0:16:19.800 --> 0:16:22.160
<v Speaker 1>you know, just continuing to track what goes on with SVB.

0:16:22.280 --> 0:16:24.720
<v Speaker 1>You know, there's been reports out there that the FDAC

0:16:24.880 --> 0:16:27.320
<v Speaker 1>has restarted the auction for that. As for those assets,

0:16:27.360 --> 0:16:29.520
<v Speaker 1>so we'll see how it all shakes out, but there's

0:16:29.520 --> 0:16:33.360
<v Speaker 1>still a lot of moving pieces here. You're listening to

0:16:33.400 --> 0:16:37.120
<v Speaker 1>Bloomberg Daybreak today, your morning brief on the stories making

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