🌎 The one about the banks

Plus: Xi Jinping heads to Moscow Was this newsletter forwarded to you? [Sign up here](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/zFg2UXB-8HFejSocL5vaWviRAsNDJUk80kWF1EOuiz0=292) [Quartz](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850242552%2Fthe-one-about-the-banks%2F/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/7vx3rgTVTbQn6Tc20cYDl3-fJvKdBFHe_BsPt7ykhLs=292) March 20, 2023 [View in browser](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850242552%2Fthe-one-about-the-banks%2F/2/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/lzduWg4DsMbep47KkqaHOT9Cp9_44AM79-Mh5uCD_lc=292) Good morning, Quartz readers! Here’s what you need to know UBS bought Credit Suisse at a steep discount. Markets looked at the $3.2 billion takeover with skepticism as [shares of both banks fell](%2F%2Fqz.com%2Fubs-credit-suisse-takeover-markets-reaction-1850242566%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1679306687369/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/GwY0wZID5si-ue5CKDfX0KZ_vElJYGYTxcRJj9lnCBs=292) in early trading. Signature Bank’s deposits have found a buyer. Flagstar Bank, a subsidiary of New York Community Bank, bought the [majority of deposits and some loan portfolios](%2F%2Fqz.com%2Fsignature-bank-flagstar-fdic-assets-sale-svb-1850242551%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1679306563399/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/AiC84XXkMGVO0YTOdQ1bT5p2RtHHzKBwCzKgMCR29tw=292) of the failed crypto lender. S&P downgraded First Republic Bank for the second time in four days. The bank’s credit rating moved [three notches down to B+](%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fsp-again-downgrades-first-republic-bank-ratings-2023-03-19%2F/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/YBH585udqN5vopumRPbRte59tCsplmK0wQ7pYjilgSI=292). Silicon Valley Bank was warned by BlackRock consultants about its risk controls. The Financial Times says the now-failed bank [got a “gentleman’s C”](%2F%2Fwww.ft.com%2Fcontent%2Ffbd9e3d4-2df5-4a65-adbd-01e5de2c5053/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/Sl4xBmlKhHPFH5FqK1UuhvGTxcDg8sd25r62VFGFFq8=292) in a 2022 report that showed substantial deficiencies. What to watch for [Xi Jinping is in Moscow this week](%2F%2Fqz.com%2Fxi-putin-visit-peace-talks-ukraine-trade-diplomacy-1850237738%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1679077406380/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/sqLmbO-4ryGVc5vw6rlMeU6ORQh-iTLrL71gHO63eqc=292) for talks with Russian president Vladimir Putin. The Chinese leader, who reportedly intends to act as a neutral peace broker on Ukraine, isn’t expected to make much progress on that front. But after a 20% surge in trade between Russia and China in January and February, economic cooperation is likely to dominate the agenda anyway. Staying liquid The Federal Reserve’s discount window is always open to eligible banks needing extra liquidity—but some weeks are busier than others. In the seven days ended March 15, which includes Silicon Valley Bank’s collapse and the immediate aftermath, banks borrowed $152 billion. Adjusting for inflation, the weekly highs in 2008 and 2023 [look remarkably similar](%2F%2Fqz.com%2Fthe-feds-discount-window-is-lending-to-banks-at-2008-le-1850237214%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26_ga=2.262495497.487220951.1679303082-1736400380.1659025761/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/ChPn5MxX87mzvucya38F10qv3oR1CrOYRxyFpTbRgBo=292). [A charts shows spikes in Fed discount window lending to banks in October 2008 and March 2023](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850242552%2Fthe-one-about-the-banks%2F/3/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/GF-Uppn02sd1KxyrhRe-mufHwHP-5iUb14lQNVJzMbk=292) Graphic: (Quartz) ✦ [Take our 1 minute survey](%2F%2Fforms.gle%2FXt1nULcDtN5Hq2au6/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/bUMBWHX_XZHhWPFeIOVTvGObEHZFXjd-H9FJDa-eCeg=292) and let us know how you feel about the Daily Brief (and consider becoming a member for [50% off](%2F%2Fr.g-omedia.com%2FCL0%2Fhttps:%252F%252Fqz.com%252Fsubscribe%252Fnewsletter%252F%253Futm_source=email%2526utm_medium=daily-brief%2526utm_campaign=story-love-test-50%2526code=popupsale%2F1%2F010001867b48f5d1-5a25f887-6504-4b9a-8464-5430abcda922-000000%2Fbd0g5uo3GXIlCAp7syyFrJy6kvKHC5y9L8faaZAtHbY=289/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/sJsjFCaMXqh6szIDeiyt8IgWNh2WnOLM0fJZvMZ0KnM=292)). What’s causing America’s maternal mortality rate to rise? Maternal mortality is an indicator that usually improves over time. Not so in the US, where deaths from pregnancy-related causes, already high by global standards, grew even worse during covid. The data is especially alarming for American women 40 and over—and even more shocking for American Black women over 40. Read more about [America’s status as a maternal mortality outlier](%2F%2Fqz.com%2Fmore-american-women-over-40-are-having-babies-their-ri-1850234597%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/NukkyanwTIZ5gK3YJP3FDGdWmCWCklqSqQLEsn2c6GI=292). 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[Join host Annalisa Merelli](%2F%2Fqz.com%2Fmychart-electronic-medical-records-health-1850234813%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/DHDZmw3Q8koxsPdbMveVvv1BW8W5HBPEURpfG3GKSSI=292) and Quartz deputy email editor Morgan Haefner as the Quartz Obsession podcast sorts through the thorny world of centralizing health records. 🎧 Listen on: [Apple Podcasts](%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fquartz-obsession%2Fid1587735076/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/UiadfZ98MmKUNpJsfXbFa3_RJTwVXn8qqilN2P1GeiU=292) | [Spotify](%2F%2Fopen.spotify.com%2Fshow%2F6yEQvRgukZ7LJGdGXNi1BT/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/LctgC3Sfg2bAp8-M251xvIgtnNQd3-J3_7KTxnuU59A=292) | [Google](%2F%2Fpodcasts.google.com%2Ffeed%2FaHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vcXVhcnR6b2JzZXNzaW9ucG9kY2FzdA/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/WJAyj1bNiR_iLR6aJ-cGAq0AmL7oAdy0szVA253DdZw=292) | [Stitcher](%2F%2Fwww.stitcher.com%2Fshow%2Fquartz-obsession/1/01000186fea55267-959b376a-7e74-403c-94b1-2f132d98a114-000000/iG9JONLhSJxDH-005tNBLB7Zob99f0sdth6oe5VvqpE=292) Our best wishes for a productive day. 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