- Bank of America faces over $100bn in paper losses at the end of Q1 due to decisions made three years ago.
- The losses far exceed those reported by its largest peers.
- BofA put the majority of pandemic-era deposit inflows into debt markets, while others parked a greater share in cash.
- The losses account for a fifth of the total unrealised losses in the securities portfolios among US banks.
- BofA has no plans to sell the underwater bonds, but holding on to them could limit the income it generates from customer deposits.
Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.
Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.
A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec