Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 54 seconds.

Yesterday, Fed officials hinted at slower rate hikes, Credit Suisse got into hot water again, and SBF wrote a mea culpa... again. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets relaxed a little after some encouraging words from the Fed.

• Takeaway from the US Central Bank's minutes is that rate hikes may slow if everything seems jolly.

• Not much else moving markets. No news seems to be good news. 😅

Story Roundup

1 - Inflation is keeping the Fed happy. For now. 😅

A substantial majority of Fed officials are backing slower rate hikes.

That's it, that's the news blurb.

The big boys are prepared to dish out smaller rate hikes at a slower pace because of the fact that inflation is cooling as needed.

Rate hikes take a while to send their reverberations though the economy - so the Fed is thinking that they are at the perfect time to "downshift" their hiking pace to 50bps hikes away from 75bps hikes.

Maybe we'll all be okay. Maybe. 🤷

2 - Credit Suisse debacle heats up once again. 🥵

Blood is in the water, and sharks are circling in.

Management has warned of a $1.7 billion loss this year - one of the largest on record.

They're also firing 1/3rd of investment bankers, along with 9,000 other employees. 💀

These problems are not good news, especially in a time when interest rates are going up.

Banks are meant to make more money when rates are hiked.

Customers deposit more cash (because they get juicier yield 😋), and banks can charge higher interest on loans.

But big money is pulling out of Credit Suisse.

Over the last 3 weeks, wealthy clients (the guys that keep the party alive) have withdrawn about 10% of all assets in the bank.

Slipping away. 🍂

3 - SBF writes a heartfelt letter to employees. 🙄

The mastermind behind the FTX fiasco is pretty sorry about it.

He wrote an internal email to employees saying that it isn't too late to save FTX and that the majority of it's demise was his own fault.

They entered the crypto crash with $2bn borrowed against $60bn in assets, but by last month, borrowing stretched to $8bn against only $9bn of collateral.

Most of which was illiquid.

Credit is drying up across crypto markets, and every tech bro is feeling the heat. 🔥

4 - David Beckham makes a move on Man U. ⚽

David Beckham is eyeing the keys to Old Trafford.

He's gonna team up with prospective buyers to put in an offer for Manchester United in a deal that could value the loss-making, Maguire-owning football club at just over 7bn GBP.

Beckham is one of the sharpest men in the business of sport - he already owns an MLS club and has been very involved in the running of the World Cup.

It doesn't look like he can cough up the 7bn himself, so he'll be teaming up with some others.

He'll bend his way into this one. 👟

5 - Russia leaves Ukraine starved for electricity. ⚡

Moscow's latest attempt to cripple civilian lives is hitting hard.

Large swathes of Ukraine and almost half of neighboring Moldova have been left without electricity entirely.

Water, heating, and internet access have all been cut.

Russia has turned their scope toward civilian targets after being pushed behind on the war fronts, and it's applying pressure where it hurts.

Sad state. 😔

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Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

Aryaansh