Pre market Recap:
U.S. Treasuries are on track for an opening surge with shorter tenors set to pace the early strength. Concerns about the health of regional banks continued swirling about with names like First Republic Bank (FRC 28.00, -53.76, -65.8%) and PacWest Bancorp (PACW 8.00, -4.35, -35.2%) seeing sharp pre-market losses.
Signature Bank has been seized by regulators, representing the third largest bank failure in the history of the United States.
The Federal Reserve announced an Emergency Bank Term Funding Loan Program while the British government is working on a rescue plan to guarantee loans to companies with money locked up in accounts at Silicon Valley Bank.
French Finance Minister Le Maire said that he is not seeing specific risks of contagion and that banks in France have ample liquidity.
Goldman Sachs no longer expects the Fed to announce a rate hike at the conclusion of the March meeting.