Good Morning to everyone except Jerome Powel if he raises interest rates on us this week. Sarcasm aside, this is a huge week in the economy and you need to be prepared to see a massive move in the markets on Wednesday afternoon.

Here’s what we have for you today:

• Financials Moving Pre-Market

• The One Pager 🚀 

• Catalyst Calendar

Financials Moving Pre-Market… Why?

In recent news, the Federal Deposit Insurance Corp has seized First Republic Bank and sold it to JPMorgan Chase Bank in a deal aimed at stabilizing the nation's banking industry. All depositors of First Republic Bank will become depositors of JPMorgan and will have full access to their deposits. The deal was made through a "highly competitive bidding process," but the price paid by JPMorgan is unknown. As part of the deal, JPMorgan will take over all of First Republic's assets and deposits, including those exceeding the federal insurance limit. JPMorgan personnel are now reaching out to First Republic customers.

The One Pager 👇

Weekly Calendar

• Monday: ISM Manufacturing PMI,

• Tuesday: Eurozone Inflation Rate. JOLTs Job Opening. Riyad Bank PMI.

• Wednesday: Eurozone Unemployment Rate. ISM Services PMI. Fed Interest Rate Decision. Fed Press Conference. Manufacturing PMI (China). GDP (Russia).

• Thursday: Interest Rate Decision (Eurozone). Balance of Trade Data.

• Friday: Unemployment Rate (Canada). Nonfarm Payroll. Unemployment Rate.

Market Moving Catalysts

• PACWEST BANCORP SHARES WERE DOWN 3.9%, CITIZENS FINANCIAL GROUP WAS DOWN 3%, AND VALLEY NATIONAL BANCORP WAS DOWN 3.3% PREMARKET.

• JPMorgan CEO SAYS YOU WILL SEE OTHER CRACKS IN THE SYSTEM WITH RECESSION, HIGHER RATES BUT BANKING SYSTEM IS SOUND

• JPMorgan ACQUIRES SUBSTANTIAL MAJORITY OF ASSETS AND ASSUMES CERTAIN LIABILITIES OF FIRST REPUBLIC BANK $JPM IS UP 3% PREMARKET.

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