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First Republic gets $30 billion in deposit pledges, Credit Suisse seeks to rebuild confidence and banks borrow billions from the Fed . — Hea [View in browser]( [Bloomberg]( First Republic gets $30 billion in deposit pledges, Credit Suisse seeks to rebuild confidence and banks borrow billions from the Fed . — [Heather Burke]( To catch up on the trading day in the UK and Europe, check out [Markets Today.]( First Republic lifeline JPMorgan CEO Jamie Dimon and Treasury Secretary Janet Yellen [were on a]( call Tuesday when she floated an idea: What if the nation’s largest lenders deposited billions of dollars into First Republic Bank, the latest firm that was getting nudged toward the brink by a depositor panic. Over two days of frantic calls, meetings and some arm-twisting, the CEOs of 11 banks agreed to [chip in a]( total of $30 billion for First Republic, promising to park the money there for at least 120 days. Pershing Square’s Bill Ackman said [the moves]( by the largest US banks “raised more questions than it answers.” Credit Suisse’s future Credit Suisse avoided, at least for now, a complete collapse in investor confidence on Thursday after winning a $54 billion credit line from the Swiss National Bank. While the bank is seeking to rebuild its business, some clients aren’t waiting around to [find out]( how that goes. Meanwhile, UBS and Credit Suisse [are opposed]( to a forced combination, even as scenario planning for a government-orchestrated tie-up continues. Bank borrowing [Banks borrowed]( a combined $164.8 billion from two Federal Reserve facilities in the most recent week, as funding strains mount in the aftermath of Silicon Valley Bank’s failure. The credit extended through the two backstops show a banking system in the midst of a deposit migration triggered by the failure of SVB and Signature Bank. All told, the emergency loans reversed around half of the balance-sheet shrinkage that the Fed has achieved since it began so-called quantitative tightening in June last year. [Charles SchwabÂ](saw $8.8 billion in net outflows from its prime money market funds this week. Amid wild gyrations in financial markets, the shift in client assets isn’t likely to jeopardize Schwab. Stocks steady US [equity-index futures](were steady and Treasuries gained, capping a tumultuous week for global markets amid lingering concern that the financial turmoil is not over. Contracts on the S&P 500 rose 0.1% as of 6:06 a.m. New York time after the index rallied 1.8% yesterday as larger lenders threw a lifeline to First Republic. That didn’t stop shares in [First Republic]( from sliding in pre-market trading, however. Nasdaq 100 futures were also flat as the rates-sensitive gauge heads for its best week since November amid expectations the Fed will temper its tightening path. European stocks gained, the 10-year Treasury yield dipped and a gauge of the dollar declined. Oil is set for the biggest weekly decline this year. Coming up… Industrial production kicks off today’s US data releases at 9:15 a.m, followed by leading index. The preliminary University of Michigan sentiment for March could show a slight pullback in consumer sentiment. The quarterly [triple witching](, where contracts for index futures, equity index options and stock options all expire, could amp up swings in trading. How much more do you think the Fed is going to tighten, if at all? Would you say that the Fed has lost its credibility? Is the US jobs market slowing or gaining speed again? Share your views in our latest MLIV Pulse [survey]([.]( What we’ve been reading Here’s what caught our eye over the past 24 hours: - Another chaotic week for banks marks[end of an era]( - China cuts [reserve requirement ratio]( - [ChatGPT]( advances move so fast regulators can’t keep up - [Supreme Court](enters crypto era - Where to look for signs financial turmoil [impacting economy]( - Trump’s tariffs couldn’t save [California olive industry]( - New data links[pandemic’s origins]( to raccoon dogs And finally, here’s what Garfield’s interested in this morning This was the wildest week for bond markets since at least 2008. The question now is whether the real economy is headed for the same sort of slowdown that followed the global financial crisis. Traders came into this week near-certain yields and policy rates were going higher. A slew of bank crises dislocated those expectations, leaving rates markets struggling to work out whether this is the end of the steepest tightening cycle in a generation — or simply a speed bump. Robust inflation readings didn’t help and neither did continuing signs of strain across the financial system as Silicon Valley Bank’s collapse was followed by wobbles at Credit Suisse and First Republic. The bond market’s fear gauge — ICE’s MOVE index of implied volatility — spiked to levels last seen in 2008. Actual yield moves reached the epic levels seen during the 1987 Black Monday equities meltdown and the Volcker-era gyrations of 1982, when record rate hikes set off a recession and tamed inflation. The moves were demonstrably exacerbated by the way liquidity evaporated across Treasuries. Volumes for rates futures surged as traders swung back and forth between betting on Fed hikes and cuts. All this turmoil spread stress across the global financial markets. Garfield Reynolds is Chief Rates Correspondent for Bloomberg News in Asia, based in Sydney. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](