Bloomberg 2023-03-26

What to Watch
Valley National and First Citizens are both vying for the failed Silicon Valley Bank, people familiar said. The regional banks submitted separate bids for SVB to the FDIC before a Friday night deadline.

Elsewhere, the US is mulling offering expanding an emergency lending facility for banks in ways that would give First Republic more time to shore up its balance sheet.

Bond investors are piling into wagers that a US recession is around the corner amid a growing dissonance between how markets and the Fed see the economic outlook. The gap is particularly evident in the yield curve, which is headed for its steepest monthly increase since October 2008.