Asia markets set to rise over Wall Street banks' move to shore up banking system
are in talks to deposit roughly $20 billion into First Republic. Yields moved even further after his report.
"Short-term yields have gone up a lot," said Michael Schumacher of Wells Fargo. "U.S. 2-year Treasury yields started going up during the ECB discussion, but blasted off on the news of First Republic." The yield was at 4.20% in afternoon trading, up sharply from the 3.90% it was at around 10:45 a.m. ET, he noted.
Bleakley Financial's Peter Boockvar said the futures market moved to price in even higher odds of a Fed rate hike. On Wednesday, odds were about 50% for a quarter point rate hike, but in Thursday afternoon trading the odds jumped up to 86%. "Rate hike expectations have been rising all morning. Now people can take a deep breath," Boockvar said.Bank of America, Wells Fargo among biggest contributors for $30 billion First Republic deposit plan$30 billionThe biggest contributions would come from Bank of America, Wells Fargo, Citigroup and JPMorgan Chase at about $5 billion apiece. Morgan Stanley and Goldman Sachs will deposit around $2.5 billion each, the sources said. Truist, PNC, U.S.
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