![]() To recap, here’s what the Treasury Department, the Federal Reserve and the FDIC have already announced:ġ. ![]() That would suggest that the federal government’s emergency moves last night could be just the beginning, not the end, of Washington’s response. Global stock markets are also trending downward amid fears, Bloomberg’s Jan-Patrick Barnert observes, “that all the containment measures taken so far won’t solve the core problem of some banks” - that rising interest rates are shredding their balance sheets. While yesterday’s announcement was aimed at restoring faith in the banking system, the early word today is that the markets might not be buying it.Īnother mid-sized bank, First Republic, that has similar issues as SVB and has come under close scrutiny over the past week, saw its shares drop precipitously in early trading. If you’re a banker, investor, financial regulator, business owner or Biden administration official, you might still be plenty nervous. … Sunday: House Republican Issues Conference kicks off in Orlando, Fla.īACKSTORY - “Inside Pence world’s decision to go hard at Trump at the Gridiron,” by Adam WrenĬRISIS AVERTED? - If you work at Compass Coffee, Roblox, Vox Media, Etsy, Roku, Vimeo, LendingClub or any of the other companies with deposits at Silicon Valley Bank, you are waking up this morning with welcome news.Īfter a white-knuckle weekend, you can be confident that payroll will be met, checks will clear, and your company will have access to every cent of its SVB deposits, not just the Federal Deposit Insurance Corp.-insured limit of $250,000, after federal agencies stepped in yesterday evening to backstop the failed bank and attempt to stem a burgeoning crisis among the nation’s medium-sized banks. … Saturday: NIKKI HALEY, ASA HUTCHINSON and TIM SCOTT appear at a Palmetto Family Council forum in Charleston, S.C. … Thursday: Treasury Secretary JANET YELLEN appears before the Senate Finance Committee. … Wednesday: OMB Director SHALANDA YOUNG appears before the Senate Budget Committee the Senate takes an initial vote on ERIC GARCETTI’s nomination as ambassador to India. … Tuesday: February consumer inflation numbers released. ![]() THE WEEK AHEAD - Today: President JOE BIDEN announces AUKUS submarine deal in San Diego DONALD TRUMP makes a campaign stop in Davenport, Iowa MICHAEL COHEN testifies before a Manhattan grand jury investigating Trump. | Justin Sullivan/Getty Images DRIVING THE DAY operations, the Treasury Department, the Federal Reserve, and the FDIC announced several extraordinary steps last night. While bank regulators have not yet found a buyer for Silicon Valley Bank's U.S. ![]()
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