Fed official: Bank rules under review in wake of Silicon Valley Bank failure
Michael Barr, the nation’s top banking regulator, spoke Tuesday during a Senate Banking Committee hearing
U.S. consumer confidence ticks up in March
The Conference Board reported that its consumer confidence index rose to 104.2 in March, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on Americans
Fed official: Silicon Valley Bank itself was main cause of bank’s failure
‘SVB’s failure is a textbook case of mismanagement,’ Michael Barr, the Fed’s vice chair for supervision, said
Fed’s unwanted ally in bid to tame inflation: Credit crunch
The upheaval in the financial system that’s followed the collapse of two major U.S. banks is raising the likelihood that lending standards will become sharply more restrictive
U.S. jobless claims inch down as labor market remains tight
AP|
The job market continues to defy the Federal Reserve’s attempts at loosening it
The Federal Reserve raises key rate by quarter-point despite bank turmoil
AP|
The Fed warned that the financial upheaval stemming from the collapse of two major banks is ‘likely to result in tighter credit conditions’ and ‘weigh on economic activity, hiring and inflation’
Wall Street holds steady ahead of Fed decision on rates
The Fed can either keep hiking interest rates to drive down inflation, or it can ease off the increases given the pain it’s already caused for banks
How the Credit Suisse takeover could further restrict lending
Investors who held bonds known as CoCos were wiped out in the sale to UBS, triggering fears that banks will find it harder to borrow and in turn tighten credit
Federal Reserve prepares to raise rates in the middle of a financial storm
Most analysts expect a rise of 25 basis points to reach 4.75%-5% despite the turmoil triggered by the collapse of Silicon Valley Bank
Public pension plan losses from bank failures were minor
AP|
The investors who lost millions after two large US banks failed included public-sector pension funds responsible for ensuring the retirements of teachers and other government workers
Questions and answers about the cost of the bank collapses
AP|
How is the response being paid for? Will Americans end up footing the bill for bank failures? Is this a bailout?
Washington turns to Wall Street to help rescue dying bank
The anxiety this week centered on First Republic Bank in San Francisco, which was once the envy of the banking sector, with its wealthy and well-traveled clientele
Big banks create $30 billion rescue package for First Republic
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone
Experts and banks look for ideas to stop next bank failure
AP|
The search for causes and culprits for the Silicon Valley Bank failure is refocusing attention on a 2018 federal law that rolled back tough bank regulations put in place after the 2008 financial crisis
US jobless aid claims fell last week as layoffs remain low
AP|
The Labor Department said Thursday that applications for jobless claims in the US for the week ending March 11 fell to 192,000 from 212,000 the previous week
US wholesale inflation fell last month on lower food costs
From January to February, the government’s producer price index fell 0.1%, after a 0.3% rise from December to January
How Washington came to rescue US banks
Federal Deposit Insurance Corp. officials told Republican senators Monday that they received offers for the bank over the weekend but didn’t have time to close
Fed criticized for missing red flags before Silicon Valley Bank collapse
Critics point to many red flags surrounding Silicon Valley Bank, including its rapid growth since the pandemic and its unusually high level of uninsured deposits
Class action suit filed against Silicon Valley Bank parent
AP|
The lawsuit says some quarterly and annual financial reports from SVB didn’t fully account for warnings from the Federal Reserve about interest rate hikes
US inflation eases but stays high, putting Fed in tough spot
Even though prices are rising much faster than the Fed wants, some economists expect the central bank to suspend its year-long streak of interest rate hikes when it meets next week
Why another high inflation report may not cause Fed to hike
With bank share prices cratering Monday and fears of further financial instability roiling markets, most economists now expect the Fed to pause its rate hikes next week
The specter of another financial crisis is haunting the world
US authorities have asserted that deposits are guaranteed while investors keep dumping shares and central banks rethink their monetary policy following the collapse of Silicon Valley Bank and Signature Bank
The US labor market remains rock-solid: Five key takeaways from the February jobs report
The latest evidence that businesses’ demand for workers is still robust complicates things for the inflation fighters at the Federal Reserve
Banks feel sting of Fed fight against inflation
AP|
SVB Financial Group lost 60% of its value after announcing plans to raise up to $1.75 billion in order to strengthen its capital position amid concerns about higher interest rates
United States adds a robust 311,000 jobs despite Fed’s rate hikes
The unemployment rate rose to 3.6% from a 53-year low of 3.4%, as more Americans began searching for work and not all of them found jobs
Wall Street steadies itself after painful drop on rate fears
Stocks are coming off a sharp drop the prior day after the head of the Federal Reserve warned it could speed up its hikes to interest rates if pressure on inflation stays high
Wall Street tumbles on fears about faster rate hikes
Wall Street had already been convincing itself that higher rates than earlier thought were on the way and that the Fed may even possibly go back to larger rate increases following last month’s data reports