*After consecutive bank failures in the USA, there was a rapid retraction in the treasury bond yields. While 2-years decreased to 3.99%, 10-years decreased to 3.41%.

*The Bank of England announced that the UK units of Silicon Valley Bank, which was declared bankrupt in the USA, were purchased by HSBC Bank.

*Silicon Valley Bank’s German operations, with the decision of BaFin, the regulatory agency in Germany, decided to freeze the transactions. He forbade the bank from selling its assets or making payments because of the risk of failing to honor its commitments.

*In his statement, US President Biden stated that they will do their best to prevent the banking crisis from turning into a 2008 crisis, that the measures and banking regulations will be tightened, that the loss will not be burdened on the US taxpayers and that the necessary liquidity will be provided from insurance funds.

*While FED’s 50 basis point rate hike was on the agenda last week, the 50 basis point increase agenda was replaced by a 25 basis point increase after the problems in the banking system and the weakening in the dollar index. The probability of a 25 basis point increase in the survey results is now expected to be 50 percent. The other 50 percent is that the interest rate will be kept constant.