Commentary For three years, I’ve been amazed at the relative calm in the financial system. It truly did not seem believable to me that governments and central banks could utterly shatter all market functioning and flood the world with paper money and yet there be no structural consequences for the banks. My only question was…
Anatomy of the Banking Crisis of 2023
March 16, 2023
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Biden Admin’s Banking Busts
March 15, 2023
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banking crisisbidenclimate changeESGFederal Reserveinflationinterest ratesJanet Yellenjerome powellOpinionSignature BankSilicon Valley BankSilicon Valley Bank CollapseSVBU.S. economyViewpointsWashington Mutualwoke
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Commentary The failure of three banks in the last two weeks, including Silicon Valley Bank on Friday and Signature Bank on Sunday, is a saga of utter government incompetence. Call these bank collapses Biden administration’s Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency. Three days before Silicon…
The Fed Can’t Give Up the Inflation Fight Yet
March 14, 2023
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Commentary Many people in Washington hoped for much better inflation numbers in February. Below zero would have released tears of joy following this rough weekend of bank failures and the first signs of financial instability in these three years of nonstop terrible. Alas, that did not happen. The report came in at a 0.4 percent…
Bank Failures Lead to Investor Bets That Fed Will Ease up on Rate Hikes
March 13, 2023
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The collapse of Silicon Valley Bank and Signature Bank has sent a shock wave across markets while sharply bolstering investor expectations that the Federal Reserve will ease up on the pace of its rate hikes—or stop raising interest rates entirely. A week ago, before Silicon Valley Bank (SVB) became a household name as regulators ordered…
The Fed Is Making Things Ever Worse
March 13, 2023
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Commentary Jerome Powell came to power at the Fed with the determination to reverse the astounding errors of his predecessors, most especially Ben Bernanke who received the Nobel Prize for the dumbest central-bank policies since the Weimar Republic. Back in 2008, Bernanke pushed borrowing costs for banks to zero and held them there for years…
The Collapse of SVB Portends Real Dangers
March 10, 2023
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Bank Runbanking industryBusiness & MarketsBusiness ColumnistsFederal Reservefinancial crisisinflationinterest ratesOpinionrecessionSilicon Valley BankSVBU.S. economyViewpoints
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Commentary Thus far in this 3-year fiasco of mismanagement and corruption, we’ve avoided a financial crisis. That’s for specific reasons. We just had not traveled there in the trajectory of the inevitable. Are we there yet? Maybe. In any case, the speed of change is accelerating. All we await is to observe the extent of…
Rising Treasury Yields Revive Fears About Soaring Interest Payments, Sustainability of Public Debt
Stubbornly high inflation has kept the Federal Reserve on an aggressive rate-hiking path, driving up Treasury yields and borrowing costs, while reviving concerns about the sustainability of America’s nearly $32 trillion in public debt as interest payments rise. Federal Reserve chairman Jerome Powell’s remarks on Tuesday and Wednesday before Congress—that the central bank might hike…
Bank of Canada Pauses Interest Rate Increases, Signals Readiness to Hike Further if Needed
OTTAWA—The Bank of Canada stayed true to its word from January that it would pause on interest rate hikes, but said it is “prepared to increase the policy rate further if needed to return inflation to the 2 percent target.” Canada’s central bank held its overnight rate target at 4.5 percent on March 8, saying…
Fed Raising Interest Rates Higher Than First Thought, Jerome Powell Tells Senate Committee
The Federal Reserve will likely keep raising interest rates higher than officials had first thought, Chair Jerome Powell told lawmakers in Washington. In his first of two appearances on Capitol Hill on Tuesday, Powell cautioned the Senate Banking Committee that the latest string of better-than-expected economic data and a modest reversal in the disinflation trend…
Loose Monetary Policy Can Trigger ‘Financial Turmoil’ in the Future, Fed Admits in New Paper
The Federal Reserve adopting a loose monetary policy—slashing interest rates and buying Treasurys—for an extended period can lead to “financial turmoil” several years later, the central bank stated in a new paper. Economists at the Fed Bank of San Francisco published a new study, titled “Loose Monetary Policy and Financial Stability,” (pdf) trying to determine…
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