President Biden went on national television to speak on the US banking sector.

Biden says, “US taxpayers will pay no losses, and funds will be raised through insurance fund fees” and “we won’t stop here; we’ll carry on as necessary.”

Money markets price in a more significant probability of a 25bps hike than a 50bps for the EU and the US. Bitcoin extends gain to $25,500, gold breaks $1,900 while the VIX hits a five-month high to 30. Brent crude oil prices dipped below $79 per barrel for the first time since January 10.