Silicon Valley Bank (SVB) failed in spectacular and sudden fashion on March 10, becoming the second largest bank to do so in our nation’s history and triggering a panic in our banking system in the process. Although virtually everyone knows of SVB’s failure, not everyone understands exactly why Silicon Valley Bank failed. Many have blamed…
Are We Just Seeing the Beginning of the Banking Crisis? | Truth Over News
March 31, 2023
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UK Private Sector Contracts for 8th Consecutive Quarter, New Research Shows
The UK’s private sector shrank for the 8th quarter in a row at the start of 2023 but is expected to return to growth in the next quarter, according to new research. The Confederation for British Industry (CBI) said in its latest growth report that activity across the UK private sector contracted by around 4…
The Bank Meltdown Has Just Begun
March 27, 2023
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Commentary Elite overseers of the U.S. banking system spent the better part of the week assuring us that all is well with it. You just have to trust them. They know. And we all know how much we can trust our overlords to tell us the truth, right? Such a wonderful track record of at…
Global Financial Risks Have Risen Amid Bank Turmoil, IMF Chief Warns
March 27, 2023
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The recent collapse of Silicon Valley Bank (SVB) and the rescue of Credit Suisse by rival UBS show that risks to global financial stability have increased, International Monetary Fund (IMF) chief Kristalina Georgieva said at a conference in Beijing on March 26. Speaking at the 2023 China Development Forum in the capital, Georgieva warned that rapid interest rate hikes by the Federal Reserve combined with…
Ontario Budget Shows Lower Projections for New Home Construction
Projections in Ontario’s budget for housing starts show the province’s target to build 1.5 million homes in 10 years slipping further out of reach with each passing year. Nearly 100,000 homes were built in the province in 2022, the first year counting toward the goal, but the forecast shows the number of housing starts in…
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…
Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil
March 23, 2023
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…
Fed Hikes Rates by a Quarter Percentage Point Despite Recent Bank Failures
The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark fed funds rate to a range of 4.75 percent and 5 percent, the highest since late 2007. Fed officials say that the “banking system is “sound and resilient,” adding that the recent developments “are likely to result in tighter conditions for households…
The Fed Is Running Two Policies at Once
March 20, 2023
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Commentary Last week was a grim reminder that the economic chaos of the lockdown period is far from over. Markets discovered that several major banks, which hardly anyone truly suspected were in trouble, faced closure and quick rescue for fear of contagion. The trouble was the same in each case: too many assets held in…
Bank Failures Lead to Lower Mortgage Rates
The first good news for potential homebuyers has come out recently with a drop in mortgage rates. Rates had been at a high of over 7 percent, but due to the news of two bank failures, they dropped toward a 6 percent level. The collapse of both Silicon Valley Bank and the Signature Bank seems…
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