U.S. futures shot higher early Monday, with bank stocks mostly gaining after the Federal Deposit Insurance Corp. said it had agreed to the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. Futures for the Dow Jones Industrial Average and S&P 500 each climbed 0.8 percent early Monday. The FDIC…
Wall Street, Banks Rise After SVB Sale to First-Citizens
March 27, 2023
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Recent Banking Turmoil Brings America Closer to Recession: Fed’s Kashkari
The latest turmoil in the banking sector could bring the United States closer to a recession, Minneapolis Fed President Neel Kashkari has warned. Speaking on CBS’s “Face the Nation” on March 26, Kashkari was asked whether the collapse of Silicon Valley Bank (SVB) and regional lender Signature Bank, as well as the recent rescue takeover of Credit Suisse…
Dollar Steady as Banking Worries Keep Investors on Edge
SINGAPORE/LONDON—The dollar was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index, which measures the currency against six rivals, rose 0.06 percent at 103.05, having gained 0.5 percent on Friday amid banking…
Oil Gains Some Ground as Investors Assess Banks, Russia
March 27, 2023
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LONDON—Oil prices rose on Monday as investors assessed efforts by authorities to rein in concerns over the global banking system while Russian President Vladimir Putin’s plans to place tactical nuclear weapons in Belarus ratcheted up tensions in Europe. Brent crude futures were up 30 cents, or 0.4 percent, to $75.29 a barrel at 0900 GMT….
House Financial Services Chair Warns Against Quick Regulatory Fixes For Banking Crisis
March 25, 2023
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The House Financial Services Committee Chairman Patrick McHenry (R-N.C.), warned against quick regulatory fixes for the banking crisis. The congressman from North Carolina told the American Bankers Association Washington Summit on March 22, we “cannot legislate confidence” when it comes to the banking sector. He stated that it was too early to see if any new…
Banking Crisis Is How It Starts, Recession Is How It Ends
March 25, 2023
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Commentary As the Fed tightens monetary policy, a banking crisis is historically the first evidence that something is breaking. As noted recently in “Not QE,” Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The FDIC, the Treasury, and the Fed issued a Bank Term Lending…
American Households to Dump $750 Billion in Stocks This Year: Goldman
March 24, 2023
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American households are expected to dump $750 billion worth of stocks this year in favor of less-risky assets. This is the first annual drop in demand since 2018, due to higher bond yields and lower savings, reported Goldman Sachs Group strategists, led by Cormac Conners and David Kostin, on March 22. The strategists said that…
Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move
March 24, 2023
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Billionaire investor Bill Ackman said that the Federal Reserve’s latest decision to raise interest rates by 25 basis points, combined with Treasury Secretary Janet Yellen’s remarks that there are no plans for unlimited deposit guarantees, was a “big mistake” that puts more pressure on smaller banks and sends the economy toward a “train wreck.” Ackman…
Wall Street Falls as Bank Contagion Fears Flare Up
March 24, 2023
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Wall Street’s main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully averted despite assurances from key officials. Treasury Secretary Janet Yellen said late on Thursday afternoon that measures will be taken to keep Americans’ deposits safe, but that did…
Interest Rates Will Rise Further If Firms Raise Prices, Bank of England Boss Warns
The Bank of England will have to put up interest rates even further if companies raise prices in a bid to beat inflation, the bank’s governor has warned. The central bank said on Thursday that its Monetary Policy Committee (MPC) voted by a majority of 7–2 to increase the bank rate by 0.25 percentage points…
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