Newsletter Mar 14, 2023

3 things you must know

Credit concerns soar amid fears over regional bank failures
Credit risk indicators flashed red on Monday, as investors worried about contagion risks across corporate debt markets following the collapse of Silicon Valley Bank (SVB) and New York's Signature Bank in the span of 72 hours. An index of credit default swaps (CDS) on U.S. investment-grade companies rose to 90.2 basis points, its highest since November, after action to guarantee SVB deposits failed to reassure investors that other banks are sound.
SEE BIDEN'S ACTIONS TO INSTILL CONFIDENCE IN BANKS

Treasury yields do an about-face; dollar poised to follow suit
The collapse of two regional banks has forced U.S. bond markets into a 180-degree turn from pricing in a more aggressive Federal Reserve and is eroding expectations the greenback could resume a new rally to fresh 20-year highs. Since Thursday, the tumble in short-term Treasury yields, which were at 15-year highs, was the steepest in 36 years, dropping the dollar from three-month highs.
SEE THE EFFECT THE BANKS ARE HAVING ON MARKETS

Apple, Google, Cisco can sue Patent and Trademark Office
Apple, Google, Cisco and others can sue the U.S. Patent and Trademark Office to challenge a rule that reduced the number of patent-validity proceedings at a USPTO tribunal. The U.S. Court of Appeals reversed a California federal court's ruling to dismiss the companies' lawsuit and said the agency may have failed to go through a public notice-and-comment rule-making process.
SEE THE IMPACT THE RULING COULD HAVE ON BIG TECH

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Markets

DJIA	31,819.14	-0.28%
S&P 500	3,855.76	-0.15%
Nasdaq Composite	11,188.84	0.45%
Japan: Nikkei 225	27,241.15	-2.13%
UK: FTSE 100	7,548.63	-2.58%
Crude Oil Futures	74.47	-0.44%
Gold Futures	1,916.30	-0.01%
Yen	133.07	-0.11%
Euro	1.07	-0.13%
* As of market close

Biden angers base, backs Alaska oil project

The Biden administration approved a scaled-back version of Conoco-Phillips' $7 billion oil and gas drilling project in Alaska, the Department of Interior said on Monday. The decision comes despite an aggressive 11th-hour effort from opponents who say the development of the three drill sites in northwestern Alaska conflicts with Biden's highly publicized efforts to fight climate change and shift to cleaner sources of energy.

ENVIRONMENTALISTS SAY BIDEN BROKE HIS PROMISE ON OIL

McConnell released from hospital for rehab

Senate Republican leader Mitch McConnell was released from a hospital and will continue receiving treatment at a rehabilitation facility, his office said Monday after one of Washington's most powerful figures suffered a fall last week. McConnell's recovery from a concussion and a rib fracture continued Monday. He will not be present when the Senate returns to session on Tuesday with several key issues at stake.

WHY MCCONNELL IS EAGER TO RETURN TO HIS SENATE SEAT

IQ scores fall in US for first time since 1932

Intelligence quotient scores appear to be falling in the U.S., showing a reversal of what's known as the Flynn Effect, a new analysis has found. A survey published in the journal Intelligence studied whether the Flynn Effect still applied in the U.S. The Flynn Effect refers to an upward drift in IQ scores with each successive generation since 1932. However, a disturbing reversal of the effect was observed in the past two decades.

WHY RESEARCHES SUSPECT IQ SCORES ARE DROPPING IN US

Acing the test

According to the Guinness Book of World Records, what is the highest IQ test score ever recorded? Name the test-taker and their occupation.

Monday's answer: Before Michelle Yeoh joined the club Sunday, Halle Berry was the only woman of color to win an Oscar for best actress. Berry won the award in 2002 for her role in the 2001 film "Monster Ball".

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