Good morning. US stock futures moved higher in Thursday morning trading as investors digested the latest policy update from the Federal Reserve.

"No one, needless to say, who shares a delusion recognizes it as such"

Sigmund Freud

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Top News

Just Powell doing Powell things

WHAT: Looks like the Federal Reserve is trying to play some real life "Whack-A-Mole" with stubborn inflation and a banking crisis! They just raised their benchmark interest rate by 0.25% as they try to balance several economic scenarios.

WHY: The Fed continues to grapple with the effects of inflation significantly above its target 2% range while also trying to manage the fallout of the collapse of two large banks while offering liquidity support.

Yellen: Yea, about that coverage...

WHAT: "Sorry folks, the FDIC ain't got no Snuggies or your money" is basically what US Treasury Secretary Janet Yellen told a group of lawmakers who were questioning whether the Federal Deposit Insurance Corporation would provide "blanket insurance" for bank deposits.

WHY: Some banking group have urged Congress to temporarily guarantee all US bank deposits - a move they say will stem a deeper crisis after the failure of Silicon Valley Bank and Signature Bank.

This is a warning...

WHAT: Coinbase just got hit with some serious heat from the SEC! The industry regulator sent a letter to the largest US crypto exchange stating that it intends to bring enforcement action against the company.

WHY: Securities and Exchange Commission chair Gary Gensler has repeatedly said many of the tokens and crypto products offered by crypto companies are essentially securities and therefore the trading platforms need to register with the SEC.

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In Other News

Baristas go on strike

 WHAT: Looks like Starbucks is getting some "tall" orders from its employees as workers embarked on strike action across the US - right before the company's big annual meeting.

WHY: Starbucks workers coordinated the strike action to lobby for higher wages, better benefits, safe working conditions and the right to organize in unions without fear of retaliation and intimidation.

Celebrity round up by the SEC

WHAT: Here's the script: A crypto crime-drama starring Justin Sun, founder of Tronix and BitTorrent, and a bunch of celebs who endorsed his crypto assets. At least that's the script the Securities and Exchange Commission hopes to write as it just charged Sun with fraud for peddling unregistered securities.

WHY: The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist. Some celebrities ensnared in the charges include Jake Paul, Lindsay Lohan and Soulja Boy.

Employers put on notice

WHAT: Bosses, you've been warned: don't mess with employees rights in severance deals. The warning comes from the US Labor Relations Board in a recent ruling regarding what employers can include in employee severance agreements.

WHY: Companies routinely ask laid-off workers to sign agreements in exchange for severance pay that limits their ability to file employment-related lawsuits and bar them from disparaging their former employers.

Key Economic Events

• Thursday - Bank Of England Bank Rate, US Current Account Balance

• Friday - No Major Economic News

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