When I moved this blog to WordPress I had a clear plan to write about photography on Tuesday, finance on Friday and do a rambling post on Sunday. It is over a week since I posted anything, so despite not being one of my designated days, I decided to do a post.
I run the Wednesbury History Group, assisted by moderators and group experts. I post modern pictures that I’ve taken and old pictures from an archive. Hopefully, my photographs will entertain future generations. I posted pictures of the narrowboats in the canal basin near the Walsall Art Gallery. Pictures add a lot to the appearance of a blog, and it helps if you can take the photographs.
I should have done a finance post on Friday, but I was busy monitoring what was happening with the fallout from the collapse of Silicon Valley Bank (SVB). I was surprised by how much it affected the banking sector here in the UK. On Monday, I did mull over buying Barclay’s again, then things seemed slightly worse on Tuesday as the whole story about Credit Suisse came out. I decided I was already exposed to enough banking with Nat West, Lloyds and Standard Chartered.
The Federal Reserve will decide on interest rates tomorrow, and I expect a quarter-point rise, and then the Bank of England could follow suit. The interest rate rises that we have seen older bonds on the bond markets with lower interest rates less attractive. Those older bonds are depreciating assets on the balance sheets of banks. SVB found that out to its cost, as did pension funds following the Kwarteng catastrophe of last September. The banks will rebound, and I see Lloyds doing remarkably well.
Anyway, I have written this post, and for the rest of the afternoon, I’ll be getting back to cleaning and cooking. There is no one else to do it!
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