Good morning. US stock futures inched higher in Tuesday morning trading as investors grow optimistic that recent banking turmoil would be contained.

"If you put the government in charge of the Sahara Desert, in five years there'd be a shortage of sand"

Milton Friedman

Top News

Maybe this could help the economy?

WHAT: It looks like the Biden Administration's economic advisers are working on a solution to fix the US labor shortage that involves two main levers: more immigrants and better childcare.

WHY: The annual report by the Council of Economic Advisers said that the aging US workforce, slowing population growth and declining labor force participation have created "significant headwinds" for US labor supply which could depress growth and living standards for years.

Bankers cry out for coverage

WHAT: Seems like the big banks are begging for help from their pal Uncle Sam again as they're arguing that temporary coverage of all deposits might be necessary by the Federal Deposit Insurance Corporation (FDIC) to stave off a potential financial crisis.

WHY: The calls come in light of the failure of Silicon Valley Bank and Signature Bank as members of the banking sector worry about the spillover effects on smaller regional banks.

Biden moonlights as Captain Planet

WHAT: Guess who's not buying the "climate change is a hoax" argument: US President Joe Biden, who just used his veto powers to shutdown a proposal to ignore climate change when making investment decisions.

WHY: The bill, which cleared Congress in early March, was built around adopting a measure that would overturn a labor department rule that would make it easier for fund and asset managers to consider ESG issues when making investment decisions.

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In Other News

That's a lot of people!

 WHAT: Looks like TikTok is unstoppable! The app proudly announced that it now has 150 million monthly active users in the US - that's right folks, they've gain 50 million more users since 2021.

WHY: With numbers like this, along with its current Chinese ownership and security concern issues, its no wonder some in the US Congress have been calling for closer oversight - if not an outright ban - of the app in the US.

Precious...stones?

WHAT: Well, it looks like JPMorgan Chase might have taken the phrase "rock-solid investment" a little too seriously - apparently the bank has been holding on to nickel contracts from the London Metal Exchange (LME) that turned out to be good ole fashion bags of stone.

WHY: The LME recently canceled 9 nickel contracts - worth about $1.3 million - because of "irregularities" at certain warehouses. Turns out those 9 invalidated contracts belonged to JPMorgan.

Amazon axes 9000 more

WHAT: In a surprising move, Amazon has decided to let go of another 9000 employees on the heels of the company's already record-breaking round of layoffs.

WHY: CEO Andy Jassy cited the "uncertain economy in which we reside...and uncertainty that exists in the near future" as the primary reasons for the round off layoffs that will mainly affect employees in Amazon's AWS, human resources, and Twitch livestreaming service.

Key Economic Events

• Tuesday - FOMC Begins Two-Day Meeting, ECB's Lagarde, Villeroy Speak

• Wednesday - FOMC Rate Decision, Fed Chair Hold Press Conference

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

• Friday - No Major Economic News

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