The sea ice around Antarctica is in sharp decline, scientists observed an all-time low in the amount of sea ice around the icy continent, following all-time lows in 2016, 2017 and 2022. Usually, the ice has been able to recover in winter but this year is different. For the first time, the sea ice extent has been unable to substantially recover this winter, leaving scientists baffled. Physical oceanographer Edward Doddridge said vast regions of the Antarctic coastline were ice free for the first time in the observational record. “To say unprecedented isn’t strong enough, for those of you who are interested in statistics, this is a five-sigma event. So it’s five standard deviations beyond the mean. Which means that if nothing had changed, we’d expect to see a winter like this about once every 7.5 million years.” Antarctic Sea Ice Has Shrunk By An Area Nine Times The Size Of Britain and Earth Keeps Breaking Temperature Records Due to Global Warming
- Date Posted:
- July 25, 2023
A wide range of banks have reported a squeeze on net interest margins as deposit funding costs have surprised to the upside. In a typical rate hiking cycle, interest income on bank assets tend to rise more quickly than interest paid on deposits. This led to a steady expansion of net interest margins over the past quarters that is suddenly reversing. Banks now see customers both shifting out of non interest bearing deposits and demanding higher interest for interest bearing deposits. This was widely reported in recent earnings calls by all but the largest banks.