The S&P 500 airlines sub-index fell 5.5% to hit a one-month low.

Chairman of the U.S. Commodity Futures Trading Commission (CFTC): The carbon market guidance document may be finalized by June or July.

According to a Reuters poll: 22 of 34 strategists said that an inverted yield curve is no longer a reliable recession indicator. 14 of 26 strategists said the Fed will begin to taper its quantitative tightening program in June.

According to a Reuters survey: the U.S. 10-year Treasury bond yield will reach 3.91% in six months and 3.75% in one year (the February survey was 3.87% and 3.75%).

Michael Hsu, Acting Comptroller of the U.S. Office of the Comptroller of the Currency: Regulators are “open” to changes to Basel III capital proposals.

The Dow turned lower and was down 0.1%.

GBP/USD fell more than 0.50% on the day and is now at 1.2750.

Market news: Shell (SHEL.N) is considering slowing down the pace of emissions reductions in its strategic update.

3M (MMM.N) opened up 7.2%, its biggest gain since June 2.

Citi analyst Andrew Hollenhorst: Based on the details of the U.S. CPI report in February, we expect the core PCE to increase by 0.20% month-on-month in February. We will further refine our forecasts after the release of PPI on Thursday, with medical service prices being particularly important.

Fitch: During the current phase of monetary tightening, the probability of a large or severe contagious deposit outflow event similar to March 2023 remains low.

Fitch: Analysis shows no evidence that banks with more than $100 billion in assets and heavy reliance on uninsured deposits have reduced liquidity to worrisome levels.

Fitch: Liquidity coverage ratios for uninsured deposits at U.S. banks will decline significantly in 2023, especially among smaller banking institutions. Liquidity is likely to remain relatively tight ahead of a shift in Fed monetary policy.

Fitch Ratings: Larger U.S. banks remain stable, smaller banks have tight liquidity.

Chairman of the U.S. Commodity Futures Trading Commission (CFTC): By the summer, the CFTC will consider a proposal to address the risks, conflicts and governance issues of new market structures.