President Biden reassures markets on US banking sector as Bitcoin and gold extend rally

Quick Take

• President Biden went on national television to speak on the US banking sector.
• Biden says, “US taxpayers will pay no losses, and funds will be raised through insurance fund fees” and “we won’t stop here; we’ll carry on as necessary.”
• Money markets price in a more significant probability of a 25bps hike than a 50bps for the EU and the US.
• Bitcoin extends gain to $25,500, gold breaks $1,900 while the VIX hits a five-month high to 30
• Brent crude oil prices dipped below $79 per barrel for the first time since January 10.

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