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Fed Announces Launch Of 'FedNow' Real-Time Payment System, Sparking DebateMar 17, 2023 - 06:09:43 PDT
The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance.
The Justice Department has announced it is investigating the banking crisis. It will undoubtedly charge that banking officials are responsible for the crisis. One thing is for sure: It will not indict the Federal Reserve System, which is the root cause of the crisis. In fact, in its search for scapegoats, it will not even acknowledge the Fed’s role in the crisis.
Mar 17, 2023 - 06:08:02 PDT
Now that the Big Bond Bust has happened, as promised here, everyone wants to know how it happened. I want to know how on earth so many of them didn’t know it was going to happen — especially those who were supposed to be watching for this … including the regulators who were actively causing it? What follows are some of the reasons: Their hubris SVB had well over a year...
The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors.
The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another?
SVB Financial Group, the company whose former subsidiary Silicon Valley Bank was taken over by the Federal Deposit Insurance Corporation last week, filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the Bankruptcy Court for the Southern District of New York to "preserve value."
China Unexpectedly Cuts Reserve Ratio For Banks, Injecting $73BN To Stimulate EconomyMar 17, 2023 - 06:00:00 PDT
Early Friday, China’s central bank surprised by announcing an unexpected cut to the amount that banks set aside for deposits by 25 basis points, vowing to keep ample liquidity in the interbank system and better fund the real economy.
Appearing before the Senate Finance Committee Thursday, Treasury Secretary Janet Yellen said in no uncertain terms that she does not think a Republican proposal for the U.S. to prioritize its debt payments in the event of a default is viable. The U.S. bumped up against the federal debt limit in January, forcing the Treasury to start taking “extraordinary measures” to make its...
The US Government Has ‘Nationalized’ the American Banking System: Kevin O’LearyMar 17, 2023 - 05:47:15 PDT
“What effectively happened over the weekend is that he nationalized the American banking system,” he told CNN, referring to U.S. President Joe Biden. “It's no longer a risk. It's no longer private in any sense. It is now backstopped by the government, ultimately the taxpayer.”
Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.
With Credit Suisse Group AG having wobbled this week and a handful of regional US banks collapsing, company executives are getting more concerned about where they can safely keep their cash.
Shares in Credit Suisse resumed their decline on Friday, giving up early gains, in a sign that investor sentiment remains fragile in a week that has seen the troubled Swiss lender secure a $54 billion lifeline.
First Republic Bank shares tumbled again on Friday, set for their worst week ever, as sentiment around the lender remained fragile even after proposals for $30 billion of aid from Wall Street’s biggest banks.
Spreading the risk of financial contagion to achieve “a false sense of confidence” in First Republic Bank is “bad policy”, Pershing Square’s Bill Ackman said in a tweet.
If there’s one lesson from the European Central Bank’s latest monetary policy meeting, it’s that bond market volatility is here to stay.
U.S. banks flocked to the Federal Reserve's lending facilities last week as never before, damping hopes that the financial system can quickly move on past the volatility of the last two weeks.
The Federal Reserve and the European Central Bank must press ahead with interest-rate increases and not be blown off course by the fragility of the global economic recovery and vulnerabilities in the financial system, the OECD said.
‘That’s a Lie’: GOP Senators Press Yellen on the Lack of a Social Security Plan in Biden’s BudgetMar 17, 2023 - 05:25:29 PDT
During an appearance before lawmakers on the Senate’s Finance committee, Treasury Secretary Janet Yellen was repeatedly pressed in often heated terms by Republicans about the lack of a Social Security plan in President Biden’s recent budget proposal.
A quick visual explanation as to how a few banks failed and the fallout it's causing.
Global Turmoil Makes Australian Banks’ Refinancing Mountain a Harder ClimbMar 17, 2023 - 05:19:56 PDT
An A$300 billion ($201.21 billion) refinancing task for Australia's biggest banks is about to get harder, say analysts, as appetite for new debt shrinks across global markets roiled by concerns about bank stability and liquidity.