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The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday.
The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world.
There's one way to force President Joe Biden and Congress to solve the looming crisis over the debt limit : a financial market crash.
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
If a bailout doesn't cost anything, is it really a bailout?
Investors flocked to safe-haven assets amid an emergency plan to backstop the banking system and limit the impact from the collapse of Silicon Valley Bank.
Watch Live: President Biden Explains The 'Resilience' Of The US Banking System: 0915ET 3/13/23Mar 13, 2023 - 06:01:49 PDT
With bank stocks - most notably small/medium-sized banks - deeply in the red, it appears at first glance that The Fed/TSY/FDIC cunning plan to implicitly backstop every deposit is not stemming the contagion's tide.
Markets are predicting a change in the course of interest rates now that there is trouble brewing in the banking sector.
If US officials don’t do something about the government’s fiscal problems, the bond market will.
SVB’s Demise Shows UK Pension Funds Weren't the Only Cockroach: BloombergMar 13, 2023 - 05:57:05 PDT
Elevated bond yields are revealing some nasty surprises. More are likely.
nstead, things are fairly calm in the tech sector. Well before markets opened this morning, the government had brokered a deal which will allow the Silicon Valley Bank’s facilities to continue without a hitch, thanks to a wholesale takeover by one of the largest banking institutions in the world, with all the security that would seem to offer. Even better, not a penny of public money seems to be involved.
Mar 13, 2023 - 05:42:07 PDT
At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history, the Associated Press reported.
Ackman Says More Banks Will Likely Fail Despite Fed Intervention: BloombergMar 13, 2023 - 05:39:13 PDT
More banks will likely fail despite US authorities intervening to boost the confidence in the banking system following the collapse of Silicon Valley Bank, according to Pershing Square founder Bill Ackman.
2Y Treasury Yields Plunge Most Since 'Black Monday', Gold Soars As Rate-Hike Odds CollapseMar 13, 2023 - 05:37:27 PDT
The Fed/FDIC/TSY bailout (BTFP!?) has prompted a massive repricing of the market's expectations for The Fed's rate-trajectory from here.
Despite cries from Summers, Yellen and other the DC illuminati (Biden is oddly silent), US banks are NOT fine. In fact, banks in general are suffering from Fed rates increases due to holding of long-term Treasuries and MBS.
Mar 13, 2023 - 05:34:55 PDT
Silicon Valley Bank (SVB), the nation’s 16th largest bank, got caught in Ben Bernanke and Janet Yellen’s bear trap, the trap set when Bernanke/Yellen kept interest rates 25 basis points…
Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.
First Republic Drops 60%, Leads Decline in Bank Stocks Despite Government’s Backstop of SVBMar 13, 2023 - 05:30:46 PDT
First Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening.
Futures Tumble, Yields Crater, Banks Plunge As Market Realizes Latest Bailout Is InsufficientMar 13, 2023 - 05:28:46 PDT
Yesterday, when describing the nuances of the latest bank bailout (and big bank subsidy) we explained why the "Treasury is quietly freaking out" and asked rhetorically "ETA until market realizes $25BN is nowhere near enough and futs react appropriately?"
Biggest bank failure since 2008 financial crisis raises volatility in asset prices after collapse of 2 lenders - Anadolu Agency