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When UBS Group AG integrates Credit Suisse Group AG in the coming months, the Swiss bank plans to run staff from the scandal-prone former rival through what Chairman Colm Kelleher dubbed a “culture filter” to weed out potential bad apples.
Former Treasury Secretary Summers Says Most Bank Trauma Over, More Worried About Debt LimitMay 3, 2023 - 05:27:23 PDT
(Bloomberg) -- Former Treasury Secretary Lawrence Summers said he was less worried about continuing turmoil in the US banking sector than he is about the partisan impasse in Washington over raising the federal debt limit.
“In the beginning of any downturn, the first things that comes to light are the worst problems,” he said on the sidelines of the Milken Institute Global Conference in Beverly Hills. “There’s going to be carnage in some parts of the commercial real estate business.”
Bearish bets on regional banks jumped appreciably in the last week and hedge fund shorts were part of the initial surge in selling as the group’s shares dropped Tuesday morning.
The risk of default looms ever larger after Treasury Secretary Janet Yellen on Monday said the date the government may run short of funds to pay its bills under the current $31.4 trillion debt limit may be as early as June 1. Time is running short and President Joe Biden and congressional Republicans are unlikely even to meet for the first time for another week...
Regional US banking stocks headed for yet another day of heavy losses after the failure of troubled lender First Republic Bank this week leads investors to scrutinize the sector’s financial health.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made a bold call on Monday: his firm’s rescue of First Republic Bank ended the initial phase of the turmoil engulfing banks.
Oil dropped below $70 a barrel and US regional lenders slumped as the prospect of a recession and worries about financial stability weighed on markets ahead of the Federal Reserve’s rate decision.
Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk: S&P500 Bears Reload on ShortsMay 3, 2023 - 05:13:21 PDT
The threat of recession is making debt securities a safer bet, while the stock market is yet to price in those risks.
The US regional banking crisis is far from over and the Federal Reserve should pause its rate hike campaign, according to former Federal Reserve Bank of Dallas President Robert Kaplan.
Federal Reserve Expected to Raise Interest Rates 0.25%, Investors Debate Next StepsMay 3, 2023 - 05:11:41 PDT
For months now, investors have debated whether the Fed would be done raising interest rates. As markets prep for Wednesday's policy decision, the same question continues to circulate — is this the end for the Fed?
European stocks and U.S. stock futures rose on Wednesday with hopes hinging on the Federal Reserve signalling later in the day that U.S. interest rate hikes might peak soon and the soft landing that central banks have been angling for is in sight. On Tuesday, U.S. regional banks were hammered, with PacWest Bancorp down 27.8%, Western Alliance Bancorp , tumbling...
Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional CurrenciesMay 3, 2023
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Is the rate hike pause in play?That question remains up for debate after the May Federal Reserve Open Market Committee meeting.But when you break it all down, the underlying economic reality is far more important than the messaging coming from Powell and Company. And the underlying economic reality is that inflation isn't beat and the economy is heading toward a cliff.
All major categories of silver demand charted highs in 2022, contributing to a new total global silver demand record of 1.242 billion ounces.This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.
The failure of First Republic Bank reveals that the banking system isn't nearly as sound as Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell would have us believe. But as Peter explained in a recent podcast, it's not just the banking system that's messed up. The Fed has screwed up everything that is a function of interest rates by keeping rates at zero for so long.
When you think nothing can shock you anymore, it does. I was completely stunned by how high Barrick's cost of production increased in the first quarter of 2023. Barrick surpassed Newmont with the highest cost to produce gold in the industry. I see even worse results for smaller gold miners...
May 2, 2023 - 13:58:02 PDT
All major silver groups recorded high demand in 2022, contributing to a new total global record of 1.242 billion ounces. In particular, industrial demand – which makes up nearly half of all silver demand – rose by 5 percent, physical silver investment rose by 22 percent, jewelry increased 29 percent, and silverware jumped 80 percent.
I Believe Probably the WORST FINANCIAL CRISIS IN ALL OF HISTORY is Playing OutMay 2, 2023 - 13:47:37 PDT
The mainstream media would have you believe the banking crisis is over…In today’s video, Mike examines the timeline of how the banking crisis started – and what could be coming next. Turns out there are some jarring similarities between what we’re seeing today and the events that led to 2008.It’s all in Mike’s latest video. Check it out and get all the facts for yourself.
Gold extended gains on Tuesday and was on track for its biggest daily rise in a month, as yields dropped on renewed fears of contagion in the U.S. banking sector, ahead of the Federal Reserve’s widely anticipated decision to hike interest rates.