Wednesday☕️

May 3, 2023 • 4 min read

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Markets/Economies:

FOMC Interest Rates:

The Federal Open Market Committee (FOMC) is meeting today, with the interest rate decision at 2:00 PM ET. This meeting will determine the federal funds rate (currently @4.83%), influencing borrowing costs, economic growth, and inflation.
Changes in interest rates affect banks by altering the cost of borrowing and lending, ultimately impacting the overall economy.
Over the past year, interest rate hikes have hurt bank portfolios, causing losses on bonds, MBS, and other securities. This has contributed to the ongoing banking crisis. Additionally, poor risk management in banks' reserves and underestimating interest rate risks have worsened the situation.
The FOMC's decision will influence the banking sector's response to the crisis, manage inflation, and impact banks' securities holdings. The outcome is crucial for the future of the banking crisis and the overall health of the economy.

Apple Fintech:

Apple's newly introduced high-yield savings account attracted $1 billion in deposits within its first four days. The 4.15% annual return and the widespread use of iPhones likely contributed to the opening of around 240,000 accounts by the end of the week.
The account is offered through a partnership with Goldman Sachs Bank USA, whose own high-yield savings account under the Marcus brand offers a lower 3.90% return.
Apple's push into fintech, which includes Apple Pay, Apple Card, and Apple Pay Later, reflects the company's growing presence in the financial sector.

German Transit Pass:

Germany introduced a €49 ($54) monthly pass for limitless journeys on the country's public transportation system, which is the largest in the European Union. By 2020, 91.4% of Germans had access to public transit services.
In an effort to alleviate the strain of escalating costs, Germany rolled out a temporary €9 ($9.50) all-you-can-ride monthly pass last summer, which was purchased by over 62% of the nation's approximately 83 million inhabitants.
On Monday, Germany unveiled a €49 ($54) per month substitute pass that allows for unrestricted travel on all public transportation, excluding high-speed trains. On the day the pass was launched, more than 3 million individuals registered for it.

Statistic:

Years on our solar system planets:
Mercury - 88 Earth days
Venus - 225 Earth days
Earth - 365.24 days
Mars - 1.9 Earth years
Jupiter - 11.9 Earth years
Saturn - 29.5 Earth years
Uranus - 84.0 Earth years
Neptune - 164.8 Earth years
The length of a year on each planet is determined by the time it takes for the planet to complete one orbit around the Sun.

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