- Ellipsis AM Monthly Review echoes Nicolas Blanc's comments in the Monthly Review.

Important points to note:

  • crisis of confidence on the financial sector.
  • Publication of PMI.
  • The scenarios for the rest of the year.

"The month of March 2023 saw a flash crisis of confidence in the financial sector on both sides of the Atlantic. In the US, a mid-sized bank was experiencing a rapid decline in deposits after rising rates revealed an excessive maturity mismatch between assets and liabilities and the potential for induced losses threatening its solvency."

Extract: "Despite the concerns that recent data may raise, we maintain our belief that monetary rebalancing can be achieved without a sharp decline in activity. In contrast to previous benchmark periods of late expansion, private balance sheets do not require major adjustments today (i.e. there has been no visible excess investment) and the financial sector does not show worrying fragilities, as evidenced by the strong performance of bank stocks. "

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