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Mar 15, 2023 - 07:21:43 PDT
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit.
President Biden's attempt to reassure Americans that the US banking sector is doing just fine had the opposite effect: banking stocks plunged after he spoke. Will his bailout-that-isn't-a-bailout shore up the economy or are we heading for 2008 on steroids?
Unless Congress acts quickly to extend blanket coverage (and deposit insurance fees) for all deposits, we will see more regional banks fail. Large banks are GSEs. Smaller banks are not, yet, but we suspect that the era of the uninsured deposit is over. FDIC should prepare to insure all deposits of US banks and tax the industry accordingly. The alternative is a debt deflation and return to 1933.
Mar 15, 2023 - 07:14:06 PDT
The Federal Reserve and Biden Administration are like one massive gaffe machine. And with it, the Empire State manufacturing outlook plunged to -24.6.
Mar 15, 2023 - 06:24:57 PDT
Moody’s placed six US banks on review for potential downgrades including First Republic Bank, Western Alliance Bancorp, Intrust Financial Corp., UMB Financial Corp., Zions Bancorp and Comerica Inc.
Gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets.
Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago.
BlackRock Inc Chief Executive Laurence Fink warned on Wednesday the U.S. regional banking sector remains at risk after the collapse of Silicon Valley Bank and that inflation will persist and rates would continue to rise.
It looks like the 'lag' from monetary policy is catching us up.
Bridgewater founder Ray Dalio says the Silicon Valley Bank collapse signals more turbulence ahead for the venture-capital industry and beyond.
‘Net Worth of Median Household Is Basically Nothing,’ Carl Icahn. ‘We Have Some Major Problems: MWMar 15, 2023 - 05:45:46 PDT
Carl Icahn is worried about the economy in the wake of action taken by the government to mitigate one of the largest bank failures in U.S. history.
Credit Suisse Ignites Fresh Bank Turmoil as SVB Collapse Spills Into Europe; US Stocks TumbleMar 15, 2023 - 05:44:41 PDT
Credit Suisse's biggest backer won't add more cash to the troubled Swiss lender, sending shares to a fresh record low.
'Rushed action leads to more pain,' one financial adviser says.
China’s central bank echoed President Xi Jinping’s warning that the US is seeking to suppress the world’s second-largest economy, an unusual move that suggests the central bank could be looking for ways to safeguard against possible further sanctions.
(Bloomberg) -- As banking stress sparked turmoil on Wall Street last week, a familiar bogeyman is being blamed for making things worse: Thin liquidity.
Dow Futures Dive Over 500 Points as Credit Suisse Woes Reignite Bank Sector AngstMar 15, 2023 - 05:36:20 PDT
U.S. stock futures were sliding on Wednesday as fresh concerns over the health of Credit Suisse sparked renewed banking sector anxiety, while investors awaited fresh retail sales and producer price index data.
SVB Blowout May Drive SoftBank Shares Below Son’s Pain Point, Trigger BuybackMar 15, 2023 - 05:34:40 PDT
The sudden collapse of Silicon Valley Bank looks set to increase scrutiny of SoftBank Group Corp. investments, and possibly drive its share price to Masayoshi Son’s pain point.
The cost of insuring the bonds of Credit Suisse Group AG against default in the near-term is approaching a rarely-seen level that typically signals serious investor concerns.
An acceleration in monthly core consumer prices seems likely to reinforce the Federal Reserve’ determination to raise interest rates to fight inflation, though the decision on next week’s move will be a tough call amid ongoing concern about financial turmoil.
Liquidity in the World’s Largest Bond Market Is Evaporating on US Banking CrisisMar 15, 2023 - 05:24:04 PDT
The deterioration in liquidity signals uncertainty about the Fed’s rate-hike path after the collapse of three US lenders underscored the damage wrought by higher borrowing costs. The volatility risks spreading into other assets that use Treasuries as a benchmark, with traders fearful that a wider US banking crisis may be brewing.