Banking concerns bring forward the end of the monetary tightening cycle

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• Equity and bond markets were whipsawed in March by the turmoil in the banking sector, as it shifted expectations on interest rates and economic growth
• The collapse of Silicon Valley Bank showed the vulnerability of some US regional banks after the biggest Fed interest rate hiking cycle for decades
• The problems at Credit Suisse are complex. PwC identified ‘material weaknesses’ in internal financial controls at the group and it has been beset by scandals. The takeover by UBS appears to have stemmed contagion
• These developments may change central bank views on future rate rises; they are also a reminder that problems for individual banks and companies can quickly spread around the world