BTFP / ECB opens March pivot, EURO softer / FTC AI inquiry AMZN, MSFT, Alphabet, OpenAI

Time to head to the mountains this weekend!
The FTC is aiming to unravel the complex and secretive corporate relationships in the top AI companies out there in a new inquiry. Orders have been sent to Alphabet, Amazon, Anthropic, Microsoft, and OpenAI that will, as Chair Lina Khan said, "shed light on whether investments and partnerships pursued by dominant companies risk distorting innovation and undermining fair competition."
Christine Lagarde said Thursday she was proud to lead the institution, after her performance was criticized in a union-run survey, added that ‘disinflation process is at work’ and hints at summer rate cut (>>> with risk of an earlier move, in March..if data worsen)
BTFP up to $168bn, increases from here are not arbitrage-driven
Lost Gustav Klimt painting found after almost 100 years to be auctioned. The painting, titled Portrait of Fraulein Lieser, is one of the last works by the world-renowned artist, and was last seen in public in 1925
UKR/RU latest defence intelligence update on the situation
U.S. is now the first country in the world to cross over $1 trillion in interest payments on its government debt

Markets :

About 140bps of cuts priced in for Fed in 2024, and ECB priced in for 140bps (up about 10bps from 2days ago)
EURO a little softer vs everything after 'dovish' ECB, #EURGBP might have room to run lower #GBPCHF 1.1200+
Equity markets have powered ahead, mainly you know who, quite a few announcements of layoffs amongst tech firms, 5pct of staff here and there, nothing dramatic but.. Intel and TSLA knocked short-term sentiment yesterday + perhaps the FTC inquiry could worry 'current momentum'
Crude highest level in 2months

FTC orders AI companies to dish on investments, partnerships and meetings (yahoo.com )

Borrowing from Fed's emergency lending program rose to a fresh record, just before Fed raised the facility’s interest rate to stop financial institutions from taking advantage and arbitraging on its attractive terms. Demand for Bank Term Funding Program rose $6.3bn to an ATH of $167.8bn. Borrowing has jumped by >$50bn since mid-November after program’s rate increasingly fell below the rate at which institutions could earn money by parking reserves at Fed. Any increase from here is not arbitrage-driven. (BBG)

ECB's Lagarde responds to scathing staff survey: 'I'm very proud and honored to lead the institution' (msn.com )

BOJ saw need in December for debate on future rate hike pace - minutes - CNA (channelnewsasia.com )

Putin Sends US Signal on Ukraine Talks, Sensing Advantage in War (yahoo.com )

Defence Intelligence – communicating probability - GOV.UK (www.gov.uk )

China’s Economy: Cassandra vs. Pollyanna | China Books Review

Very good from G.Magnus

Yellen: strong US GDP growth signals productivity gains, not inflation (msn.com )

Exclusive: China presses Iran to rein in Houthi attacks in Red Sea, sources say | Reuters

UK consumer confidence rises to best score in two years | Retail Week (retail-week.com )

Baroness Michelle Mone assets worth £75m frozen by a court order (msn.com )

It's a start !

Intel sinks after first quarter outlook disappoints (msn.com )