Good morning. US stock futures moved higher in Friday morning trading as investors awaited a key inflation print and got ready to wrap up the first quarter of 2023.

"Generally, the greater the stigma of revulsion, the better the bargain"

Seth Klarman

Top News

It's about to get tough out here for banks 

 WHAT: US President Joe Biden is cracking the whip on those regional banks. He's asking regulators to tighten rules that got loosened back in the day — forcing institutions the size of Silicon Valley Bank to hold more liquid assets and face more stress tests. 

WHY: The White House said that bank regulators were "encouraged" to reinstate liquidity requirements for banks with between $100-$250 billion in assets, and use "rigorous liquidity stress tests that factor in the risk of faster withdrawals in an always-on online environment."   

Global initiative places carbon offset market front and center 

WHAT: Attention all environmental enthusiasts: it's time to get your green on! A global initiative aiming to sprout up the voluntary carbon market just rolled out some new standards with hopes of shedding some light on the $2 billion industry.

WHY: The Integrity Council for the Voluntary Carbon Market (ICVCM), an independent governance body for the market released guidance to help what is currently an unregulated market with many different standards and approaches. 

Verizon gets a big payday!

WHAT: Hold on to your tray tables folks because the US Federal Aviation Administration just gave Verizon's business networking unit a sweet deal worth up to $2.4 billion over the next 15 years!

WHY: The FAA is set to upgrade their systems and they're counting on Verizon to bring them into the 21st century — the contract says Verizon will design, build and operate the FAA's new next-generation communications platform. 

In Other News

Walmart hit with worker treatment lawsuit

 WHAT: Walmart might be in hot water -- again. The US Equal Employment Opportunity Commission is suing them for a second time, claiming that the retail giant has been discriminating against employees with disabilities.  

WHY: The lawsuits accuse Walmart of violating the Americans With Disabilities Act after the company allegedly wrongfully terminated two employees with disabilities.  

Tell us more about those working conditions Nike?

WHAT: Tulipshare, an activist shareholder platform, is giving Nike a "friendly nudge" to spill the beans on what really goes on in their supply chain — they're hoping for a bit more transparency on working conditions.

WHY: A coalition of international garment workers unions filed a complaint against Nike with the US State Department in February alleging Nike violated OECD guidelines by triggering layoffs and pay cuts during the pandemic. 

Costly banking blunders...

WHAT: Looks like Wells Fargo just got their piggy bank busted by the Feds for a whopping $67.8 million. The bank was fined for failure to monitor their compliance risks which ended up unwittingly breaking US sanctions against Iran, Syria and Sudan. 

WHY: The fines have been adding up for Wells Fargo lately, and it's not pretty. In December the US Consumer Financial Protection Bureau hit Wells Fargo with its largest civil penalty ever —  a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages, and bank accounts. 

Key Economic Events

• Friday - Consumer Sentiment

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