The Swiss call time on Credit Suisse
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TOGETHER WITH
Good morning. Today is the vernal equinox, which is a fancy way of saying itâs the first day of spring.
Signs of spring are already here: The cherry blossoms are out in full force, commercials for the Masters are running alongside college basketball upsets, and, you know what, Chipotle was right about âburrito seasonââIâm craving one.
P.S.: The deadline for our Financial Forecasting course is 12pm ET today. Donât miss out .
â Neal Freyman
MARKETS: YEAR-TO-DATE
Nasdaq
11,630.51
+11.97%
S&P
3,916.64
+2.42%
Dow
31,861.98
-3.85%
10-Year
3.430%
-45.0 bps
Bitcoin
$28,139.51
+70.05%
Apple
$155.00
+24.12%
*Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean.
Markets: The stock market has entered its Harvey Dent era. On the one hand, surging tech stocks pushed the Nasdaq to its best week since January last week. On the other, global banks have shed $459 billion in market value this month alone, the Financial Times calculates, as the sector faces a growing crisis of confidence.
BANKING
Arnd Wiegmann/Getty Images
Another weekend, another mad scramble to prevent a banking crisis.
Just one week after US officials raced to backstop Silicon Valley Bank depositors, Swiss authorities sprinted to engineer a takeover of spiraling Credit Suisse before the markets opened on Monday.
They got it done: Swiss banking giant UBS will buy its rival Credit Suisse for more than $3 billion yesterday in a historic tie-up of the countryâs storied banks. Itâs one of the most significant banking events in years, marking the first merger between systemically important global banks since the 2008 financial crisis.
How we got here: Credit Suisse had experienced massive outflows last week (up to $10 billion per day, according to the WSJ) and was teetering on collapse. An uncontrolled implosion of Credit Suisse would have had âincalculable consequences for the country and the international financial system,â Swiss President Alain Berset said. In other words, if Credit Suisse came crashing down, it would have brought many others with it.
UBS didnât exactly volunteer as tribute
Understanding the market calamity that wouldâve occurred otherwise, Swiss regulators essentially forced UBS to go through with this purchase and offered the bank $108.8 billion in liquidity as a way of saying âthanks for preventing a global financial crisis .â
For Credit Suisse, itâs an inglorious end. The iconic financial institution had been badly mismanaged for years, and its measly sale price reflects its fall from grace. Valued at ~$8.5 billion at market close on Friday, Credit Suisse sold for significantly less than half of that.
To put the price tag in perspective, Crocs is worth more than twice as much as what Credit Suisse was bought for.
No disrespect to Crocs, but Credit Suisse has been around for 166 years and had $574 billion in total assets at the end of 2022. This is a stunning collapse of a once-revered bank.
So, whatâs it all mean? Just like US authorities did last weekend, Swiss regulators moved rapidly to nip a spiraling crisis in the bud, employing a âletâs do what needs to be done and worry about the consequences laterâ approach. Itâs unclear whether these last-ditch government efforts will shore up confidence in a sector thatâs had its world turned upside down in less than two weeks.
TOGETHER WITH THE RIDGE
Ahh, the butt bulge
Itâs that bulbous bump beckoning from your backside where your overstuffed, unorganized wallet is not-so-successfully hiding.
So the efficient, organization-minded people at The Ridge decided to banish the bulge. How? By creating a wallet thatâs 60% slimmer and designed to fit in your front pocket.
Ten years ago, they changed money holding forever with their lifetime-lasting, RFID-blocking wallets made from premium materials like titanium and carbon fiber. And to celebrate their 10th anniversary, The Ridge is having a sitewide sale with up to 40% off .
Now, when you effortlessly take out your Ridge wallet, people wonât shudder at its girth.
Bon voyage, butt bulge.
Gear up for another decade with free shipping and a 99-day free trial .
WORLD
Tour de headlines
Saul Loeb/AFP via Getty Images
Trump claims heâs going to be arrested. In a post on Truth Social, former President Donald Trump wrote (in all caps) that he expects to be arrested on Tuesday. His prediction was an apparent reference to the New York investigation into alleged hush money payments made to porn star Stormy Daniels, and all signs point to an indictment shortly. But Trump had no direct knowledge of the timing of an arrest, a spokesperson for the former president said. Trump ended his post by urging his supporters to protest and âtake our nation back!â in an echo of his rhetoric ahead of the attack on the Capitol.
Could the insured deposit cap get a lift? At least four US lawmakersâtwo from each side of the aisleâsaid they would support raising the cap on FDIC-insured deposits in order to reassure frazzled bank customers that their deposits are safe. The current cap is $250,000 (up from $100k pre-financial crisis), but Democratic Sen. Elizabeth Warren said bumping it up âis a good move.â Opponents of raising the cap say it would only increase risk-taking and bad behavior by banks. Some even argue we should lower it .
Taylor Swift kicked off her tour. The pop star began her Eras Tour in Arizona on Friday night, and if the first show is any indication, the hype is real. Swift performed 44 songs from her deep catalog across 3 hours and 15 minutes, delighting fans who she acknowledged went through âconsiderable effortâ to be there (likely a swipe at Ticketmaster). USA Today wrote: âNot since the most vigorous days of Bruce Springsteen and his legendary live concerts has a mainstream artist packed so much music into one show.â
ENVIRONMENT
An enormous seaweed blob heads for Florida
Joe Raedle/Getty Images
Seems like everyone is moving to Florida these daysâincluding a gigantic blob of seaweed almost twice the width of the contiguous US.
The blob, comprised of 10 tons of sargassum algae, is trekking across the Caribbean toward Florida and is already washing up in places like Key West. Local communities across the Gulf of Mexico are worried the seaweed will force them to close popular tourism sites during the peak summer months.
Thatâs because when the seaweed piles up on a beach, it becomes a huge headacheâliterally.
Out of the water, sargassum rots and releases chemicals that smell like rotten eggs. Those chemicals also present a risk for people with respiratory issues.
And then thereâs the sheer volume of seaweed. Sargassum is piling up five- to six feet deep on Caribbean beaches, and Barbados needs to employ 1,600 dump trucks a day to haul it away, Brian Lapointe, an oceanographer at Florida Atlantic University, told CNN.
Big picture: Sargassum blooms are not new, and they provide an important habitat for marine life as they move across the ocean. But, due to a variety of factors scientists havenât fully grasped yet, the blobs have gotten much bigger starting in 2011. This yearâs blob could break records.
TOGETHER WITH YOGI TEA
Tastes like well-being in a cup. Taking time for yourself doesnât always mean going on a two-week retreat to Bali. Sometimes itâs as simple as curling up with a delicious cup of tea. With 40+ herbal, green, and black flavors, Yogi Tea can help you savor the important, everyday moments. Find your flavor here .
CALENDAR
The week ahead
Francis Scialabba
A high-stakes Fed meeting: While many Fed meetings are ho-hum, the one on Wednesday will pack the drama of a prime-time Oprah interview. The central bankâs plan to continue raising interest rates has been upended by the banking turmoil, and experts now say thereâs a chance the Fed will pause its rate hikes to shield the banking sector from further chaos.
TikTok CEO on Capitol Hill. TikTok boss Shou Zi Chew will testify before the House Energy and Commerce Committee on Thursday, where heâll try to make the case that a sale wonât alleviate US lawmakersâ privacy concerns. The US has recently demanded Chinese-owned ByteDance sell its stake in TikTok or else it would ban the app.
Xi ââPutin. Chinese President Xi Jinping will travel to Moscow today for a three-day meeting with Russian President Vladimir Putin. China has tried to play it neutral around the war in Ukraine, but Xiâs visit to Russia symbolizes the close ties between the two US adversaries.
Everything elseâŚ
March Madness rolls on (itâs living up to its name this year).
Islamâs holiest month, Ramadan, begins at sundown on Wednesday.
On Friday, Keanu Reeves returns as John Wick for the fourth installment of the hitman franchise.
GRAB BAG
Key performance indicators
Step Brothers/Sony Pictures Releasing
Stat: Thereâs so much less room for activities. The average apartment size in the US had its biggest drop on record last year, falling to 887 square feet from 917 in 2021, according to a RentCafe.com report. The average US apartment size is now down a full 54 square feet from 10 years ago. Whatâs behind the shrinkage? Primarily the historically large share of studio and one-bedroom apartments entering the market, RentCafe says.
Quote: âYour boss will soon be able to ask their Copilot to create a summary of who does the least work on average and have their termination letter already drafted in Outlook.â
Economist Samuel Hammond speculated on Twitter about how Microsoftâs workplace AI tools will change performance reviews forever.
Read: One Twitter user gave GPT-4 a budget of $100 and told it to make as much money as possible. Check out the progress. ( Jackson Greathouse Fall )
NEWS
What else is brewing
Wyoming became the first state to ban the use of pills for an abortion.
Vladimir Putin visited the Russian-occupied Ukrainian city of Mariupol in his first visit to a territory he illegally annexed after invading Ukraine.
Miami Beach imposed a curfew after two fatal shootings occurred during spring break.
Itâs been 20 years since the US invaded Iraq.
The Taliban is cracking down on nepo babies in government positions.
RECS
Get smart about steak: I made beef stew this weekend and found this YouTube video to be an exceptional breakdown of the different cuts of meat.
They canât all be bangers: Here are 50 genuinely horrible albums by otherwise brilliant artists.
Programming history: The rise and fall of Visual Basic , once the worldâs most dominant programming environment.
The art of a glow up: Notes on Wikipediaâs 2023 redesign .
Cue the countdown: Itâs < 30 days âtil Tax Day, and if that makes your palms sweaty, head over to TaxAct . They offer expert advice to help you complete those returns + a Maximum Refund Guarantee .*
You know you want to: Go onâ fill out this survey . Your feedback will help us deliver the content you want most, and youâll be entered into a drawing for a $250 AmEx gift card .*
*This is sponsored advertising content.
FROM THE CREW
Get smarter about your finances
Finance bros are out, rich girls are in. Katie Gatti knows about money and is here to help you manifest your financial freedom. Join Katie and her guests as they talk about spending habits, smart investing, and tax strategiesâwithout putting you to sleep. Check out some of her most popular episodes:
Think you might owe the IRS in April? Here are 3 easy ways to lower your tax bill .
Whereâs the millennial middle class ?
Upgrading your lifestyle: realistic, targeted financial goal-setting .
This editorial content is supported by TaxAct.
GAMES
The puzzle section
Turntable: How many of the 35 words can you find in todayâs Turntable? Try it here .
Historical landmarks trivia
What do Stonehenge, Chichen Itza, Angkor Wat, and the Basilica San Petronio have in common?
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AROUND THE BREW
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Get practical tips on budgeting, saving, investing, and more, delivered to your inbox in a way thatâs easy to understand. Itâs freeâ learn more here .
ANSWER
They were all built to interact with the sun on astronomically momentous dates like today (equinoxes, solstices). At the pyramid at Chichen Itza, for example, the spring equinox sunset creates the visual effect of a snake slithering down the steps.
Written by Neal Freyman
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â Timeâs up. To: Brew Readers. View Online. Sign Up. Shop. TOGETHER WITH. Good morning. Today is the vernal equinox, which is a fancy way of saying itâs the first day of spring. Signs of spring are already here: The cherry blossoms are out in full force, commercials for the Masters are running alongside college basketball upsets, and, you know what, Chipotle was right about âburrito seasonââIâm craving one. P.S.: The deadline for our Financial Forecasting course is 12pm ET today. Donât miss out . â Neal Freyman. MARKETS: YEAR-TO-DATE. Nasdaq. 11,630.51. +11.97% S&P. 3,916.64. +2.42% Dow. 31,861.98. -3.85% 10-Year. 3.430% -45.0 bps. Bitcoin. $28,139.51. +70.05% Apple. $155.00. +24.12% *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: The stock market has entered its Harvey Dent era. On the one hand, surging tech stocks pushed the Nasdaq to its best week since January last week. On the other, global banks have shed $459 billion in market value this month alone, the Financial Times calculates, as the sector faces a growing crisis of confidence. BANKING. Arnd Wiegmann/Getty Images. Another weekend, another mad scramble to prevent a banking crisis. Just one week after US officials raced to backstop Silicon Valley Bank depositors, Swiss authorities sprinted to engineer a takeover of spiraling Credit Suisse before the markets opened on Monday. They got it done: Swiss banking giant UBS will buy its rival Credit Suisse for more than $3 billion yesterday in a historic tie-up of the countryâs storied banks. Itâs one of the most significant banking events in years, marking the first merger between systemically important global banks since the 2008 financial crisis. How we got here: Credit Suisse had experienced massive outflows last week (up to $10 billion per day, according to the WSJ) and was teetering on collapse. An uncontrolled implosion of Credit Suisse would have had âincalculable consequences for the country and the international financial system,â Swiss President Alain Berset said. In other words, if Credit Suisse came crashing down, it would have brought many others with it. UBS didnât exactly volunteer as tribute. Understanding the market calamity that wouldâve occurred otherwise, Swiss regulators essentially forced UBS to go through with this purchase and offered the bank $108.8 billion in liquidity as a way of saying âthanks for preventing a global financial crisis .â For Credit Suisse, itâs an inglorious end. The iconic financial institution had been badly mismanaged for years, and its measly sale price reflects its fall from grace. Valued at ~$8.5 billion at market close on Friday, Credit Suisse sold for significantly less than half of that. To put the price tag in perspective, Crocs is worth more than twice as much as what Credit Suisse was bought for. No disrespect to Crocs, but Credit Suisse has been around for 166 years and had $574 billion in total assets at the end of 2022. This is a stunning collapse of a once-revered bank. So, whatâs it all mean? Just like US authorities did last weekend, Swiss regulators moved rapidly to nip a spiraling crisis in the bud, employing a âletâs do what needs to be done and worry about the consequences laterâ approach. Itâs unclear whether these last-ditch government efforts will shore up confidence in a sector thatâs had its world turned upside down in less than two weeks. TOGETHER WITH THE RIDGE. Ahh, the butt bulge. Itâs that bulbous bump beckoning from your backside where your overstuffed, unorganized wallet is not-so-successfully hiding. So the efficient, organization-minded people at The Ridge decided to banish the bulge. How? By creating a wallet thatâs 60% slimmer and designed to fit in your front pocket. Ten years ago, they changed money holding forever with their lifetime-lasting, RFID-blocking wallets made from premium materials like titanium and carbon fiber. And to celebrate their 10th anniversary, The Ridge is having a sitewide sale with up to 40% off . Now, when you effortlessly take out your Ridge wallet, people wonât shudder at its girth. Bon voyage, butt bulge. Gear up for another decade with free shipping and a 99-day free trial . WORLD. Tour de headlines. Saul Loeb/AFP via Getty Images. Trump claims heâs going to be arrested. In a post on Truth Social, former President Donald Trump wrote (in all caps) that he expects to be arrested on Tuesday. His prediction was an apparent reference to the New York investigation into alleged hush money payments made to porn star Stormy Daniels, and all signs point to an indictment shortly. But Trump had no direct knowledge of the timing of an arrest, a spokesperson for the former president said. Trump ended his post by urging his supporters to protest and âtake our nation back!â in an echo of his rhetoric ahead of the attack on the Capitol. Could the insured deposit cap get a lift? At least four US lawmakersâtwo from each side of the aisleâsaid they would support raising the cap on FDIC-insured deposits in order to reassure frazzled bank customers that their deposits are safe. The current cap is $250,000 (up from $100k pre-financial crisis), but Democratic Sen. Elizabeth Warren said bumping it up âis a good move.â Opponents of raising the cap say it would only increase risk-taking and bad behavior by banks. Some even argue we should lower it . Taylor Swift kicked off her tour. The pop star began her Eras Tour in Arizona on Friday night, and if the first show is any indication, the hype is real. Swift performed 44 songs from her deep catalog across 3 hours and 15 minutes, delighting fans who she acknowledged went through âconsiderable effortâ to be there (likely a swipe at Ticketmaster). USA Today wrote: âNot since the most vigorous days of Bruce Springsteen and his legendary live concerts has a mainstream artist packed so much music into one show.â ENVIRONMENT. An enormous seaweed blob heads for Florida. Joe Raedle/Getty Images. Seems like everyone is moving to Florida these daysâincluding a gigantic blob of seaweed almost twice the width of the contiguous US. The blob, comprised of 10 tons of sargassum algae, is trekking across the Caribbean toward Florida and is already washing up in places like Key West. Local communities across the Gulf of Mexico are worried the seaweed will force them to close popular tourism sites during the peak summer months. Thatâs because when the seaweed piles up on a beach, it becomes a huge headacheâliterally. Out of the water, sargassum rots and releases chemicals that smell like rotten eggs. Those chemicals also present a risk for people with respiratory issues. And then thereâs the sheer volume of seaweed. Sargassum is piling up five- to six feet deep on Caribbean beaches, and Barbados needs to employ 1,600 dump trucks a day to haul it away, Brian Lapointe, an oceanographer at Florida Atlantic University, told CNN. Big picture: Sargassum blooms are not new, and they provide an important habitat for marine life as they move across the ocean. But, due to a variety of factors scientists havenât fully grasped yet, the blobs have gotten much bigger starting in 2011. This yearâs blob could break records. TOGETHER WITH YOGI TEA. Tastes like well-being in a cup. Taking time for yourself doesnât always mean going on a two-week retreat to Bali. Sometimes itâs as simple as curling up with a delicious cup of tea. With 40+ herbal, green, and black flavors, Yogi Tea can help you savor the important, everyday moments. Find your flavor here . CALENDAR. The week ahead. Francis Scialabba. A high-stakes Fed meeting: While many Fed meetings are ho-hum, the one on Wednesday will pack the drama of a prime-time Oprah interview. The central bankâs plan to continue raising interest rates has been upended by the banking turmoil, and experts now say thereâs a chance the Fed will pause its rate hikes to shield the banking sector from further chaos. TikTok CEO on Capitol Hill. TikTok boss Shou Zi Chew will testify before the House Energy and Commerce Committee on Thursday, where heâll try to make the case that a sale wonât alleviate US lawmakersâ privacy concerns. The US has recently demanded Chinese-owned ByteDance sell its stake in TikTok or else it would ban the app. Xi ââPutin. Chinese President Xi Jinping will travel to Moscow today for a three-day meeting with Russian President Vladimir Putin. China has tried to play it neutral around the war in Ukraine, but Xiâs visit to Russia symbolizes the close ties between the two US adversaries. Everything else⌠March Madness rolls on (itâs living up to its name this year). Islamâs holiest month, Ramadan, begins at sundown on Wednesday. On Friday, Keanu Reeves returns as John Wick for the fourth installment of the hitman franchise. GRAB BAG. Key performance indicators. Step Brothers/Sony Pictures Releasing. Stat: Thereâs so much less room for activities. The average apartment size in the US had its biggest drop on record last year, falling to 887 square feet from 917 in 2021, according to a RentCafe.com report. The average US apartment size is now down a full 54 square feet from 10 years ago. Whatâs behind the shrinkage? Primarily the historically large share of studio and one-bedroom apartments entering the market, RentCafe says. Quote: âYour boss will soon be able to ask their Copilot to create a summary of who does the least work on average and have their termination letter already drafted in Outlook.â Economist Samuel Hammond speculated on Twitter about how Microsoftâs workplace AI tools will change performance reviews forever. Read: One Twitter user gave GPT-4 a budget of $100 and told it to make as much money as possible. Check out the progress. ( Jackson Greathouse Fall ) NEWS. What else is brewing. Wyoming became the first state to ban the use of pills for an abortion. Vladimir Putin visited the Russian-occupied Ukrainian city of Mariupol in his first visit to a territory he illegally annexed after invading Ukraine. Miami Beach imposed a curfew after two fatal shootings occurred during spring break. Itâs been 20 years since the US invaded Iraq. The Taliban is cracking down on nepo babies in government positions. RECS. Get smart about steak: I made beef stew this weekend and found this YouTube video to be an exceptional breakdown of the different cuts of meat. They canât all be bangers: Here are 50 genuinely horrible albums by otherwise brilliant artists. Programming history: The rise and fall of Visual Basic , once the worldâs most dominant programming environment. The art of a glow up: Notes on Wikipediaâs 2023 redesign . Cue the countdown: Itâs < 30 days âtil Tax Day, and if that makes your palms sweaty, head over to TaxAct . They offer expert advice to help you complete those returns + a Maximum Refund Guarantee .* You know you want to: Go onâ fill out this survey . Your feedback will help us deliver the content you want most, and youâll be entered into a drawing for a $250 AmEx gift card .* *This is sponsored advertising content. FROM THE CREW. Get smarter about your finances. Finance bros are out, rich girls are in. Katie Gatti knows about money and is here to help you manifest your financial freedom. Join Katie and her guests as they talk about spending habits, smart investing, and tax strategiesâwithout putting you to sleep. Check out some of her most popular episodes: Think you might owe the IRS in April? Here are 3 easy ways to lower your tax bill . Whereâs the millennial middle class ? Upgrading your lifestyle: realistic, targeted financial goal-setting . This editorial content is supported by TaxAct. GAMES. The puzzle section. Turntable: How many of the 35 words can you find in todayâs Turntable? Try it here . Historical landmarks trivia. What do Stonehenge, Chichen Itza, Angkor Wat, and the Basilica San Petronio have in common? SHARE THE BREW. Share Morning Brew with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. Weâre saying weâll give you free stuff and more friends if you share a link. One link. Your referral count: {{profile.vars.referral_count}} Click to Share. Or copy & paste your referral link to others: morningbrew.com/daily/r/?kid={{profile.vars.referral_code}} AROUND THE BREW. Time is running out for Financial Forecasting. Last call for Financial Forecasting! Sign up by 12pm ET today to learn how to build a P&L, recession-proof your business, and boost your analytical skills. Reserve your spot now . Will ChatGPT replace your job? This video dives in . CFO Brew discusses why CFOs and finance pros need to monitor their indirect spending. Check it out . Get practical tips on budgeting, saving, investing, and more, delivered to your inbox in a way thatâs easy to understand. Itâs freeâ learn more here . ANSWER. They were all built to interact with the sun on astronomically momentous dates like today (equinoxes, solstices). At the pyramid at Chichen Itza, for example, the spring equinox sunset creates the visual effect of a snake slithering down the steps. Written by Neal Freyman. Was this email forwarded to you? Sign up here . Take The Brew to work. Marketers: {if !contains(profile.lists,"Marketing Brew")} Marketing Brew {/if} Corporate: {if !contains(profile.lists,"CFO Brew")} CFO Brew  {/if} {if !contains(profile.lists,"HR Brew")} HR Brew {/if} Tech: {if !contains(profile.lists,"IT Brew")} IT Brew  {/if} {if !contains(profile.lists,"EmTech Brew")} Tech Brew {/if} Retailers: Retail Brew. Healthcare: Healthcare Brew. Get smarter in just 5 minutes. Money & Career: {if !contains(profile.lists,"Money Scoop")} Money Scoop  {/if} {if !contains(profile.lists,"Money With Katie")} Money With Katie  {/if} {if !contains(profile.lists,"Raise")} Raise {/if} Business education without the BS. Programs in Business Essentials , Analytics , and Leadership. Interested in podcasts? Check out ours here. ADVERTISE. CAREERS. SHOP. FAQ. here. here. Become smarter in just 5 minutes. Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.