DIRS.INFO top alerts submit data jurnalism about API
login
Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "US Fed"


25 mentions found


☆ Credit Suisse went the way of Bear Stearns in 2008. But this crisis is different
  + stars: | 2023-03-21 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +9 min
A sign of Credit Suisse pictured behind a sign of UBS in Zurich on March 18, 2023. The Swiss government said Tuesday it had ordered Credit Suisse to temporarily suspend the payment of some bonuses, including share awards, to bank staff. Credit Suisse is the first “global systemically important” bank to be rescued since 2008. Yet despite its importance to the financial system, most analysts are not expecting Credit Suisse’s demise to mark the beginning of another global financial crisis. “It’s possible that a vicious circle develops, in which credit tightens, the real economy deteriorates, and default rates start to rise,” he said.
☆ Asia Pacific stocks rise as banking concerns ease, recession fears continue ahead of Fed meeting
  + stars: | 2023-03-20 | by ( Michelle Toh | ) edition.cnn.com   time to read: +2 min
Hong Kong CNN —Stocks in the Asia Pacific region rose Tuesday as concerns about the global banking sector eased in response to a whirlwind of intervention by policymakers and industry players. The S&P/ASX 200 in Australia jumped 1.3%, boosted by its AXFJ index, a measure of banking stocks, which surged 1.7%. In Hong Kong, the Hang Seng Index (HSI) opened up 0.8%. US stock futures were flat in Asian trade Tuesday, with Dow futures, S&P 500 futures and Nasdaq futures little changed. Still, recession fears continue to dog investors ahead of the US Federal Reserve’s meeting, which is set to conclude Wednesday.
☆ Romance Scams Are Booming — Especially on Facebook and Instagram
  + stars: | 2023-03-20 | by ( Eve Upton-Clark | ) www.businessinsider.com   time to read: +13 min
Americans lost $1.3 billion to romance scams last year — an 164% increase from 2019 — and $3.3 billion in total since the start of the pandemic. According to the FTC report, the most popular way scammers reached out to their victims last year was through Instagram (29%) and Facebook (28%). And as these schemes get more widespread and more complex, the number of people falling for romance scams keeps growing. Confluence of crypto and romanceIf loneliness was the reason "why" for the soaring number of romance scams, then crypto is the "how." 1 payment method for romance scams last year was cryptocurrency.
☆ Global banking crisis: One big problem down. Too many others left to go
  + stars: | 2023-03-20 | by ( David Goldman | ) edition.cnn.com   time to read: +6 min
New York CNN —Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span. That sent shockwaves through the global banking system. Good news and bad newsThe good news: Those loans do not indicate anything inherently wrong with the global banking system. But the banking system and regulators would have to calm fears before that happens system-wide.
☆ Fed and other central banks try to head off crisis by boosting flow of dollars
  + stars: | 2023-03-19 | by ( Mark Thompson | ) edition.cnn.com   time to read: +3 min
Credit Suisse — one of the 30 most important banks in the global financial system — was bleeding money last week after investor and customer confidence collapsed. Swap lines are agreements between two central banks to exchange currencies. They allow a central bank to obtain foreign currency from the central bank that issues it, and distribute it to commercial banks in their country. During the global financial crisis of 2008 following the collapse of Lehman Brothers, funding markets dried up because of an extreme aversion to risk. From Monday through at least the end of April, the Fed and other central banks will make dollars available on a daily basis, rather than weekly.
☆ What caused the global banking crisis this week and will it lead to a recession?
  + stars: | 2023-03-17 | by ( Mark Thompson | ) edition.cnn.com   time to read: +7 min
Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators intervened to take control. Thursday, March 16 — First Republic Bank was teetering on the brink as customers withdrew their deposits. In guaranteeing all deposits at Silicon Valley Bank and Republic Bank, the US Federal Reserve is on the hook for $140 billion. Then there’s the $54 billion the Swiss National Bank offered Credit Suisse in the form of an emergency loan. The $318 billion the Fed has loaned in total to the financial system is about half what was extended during the global financial crisis.
☆ As bank crisis spreads, Cramer says the Fed may need to take drastic measures
  + stars: | 2023-03-15 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: 1 min
With all eyes on the banking sector, CNBC's Jim Cramer on Wednesday said the Federal Reserve may need to take "desperate measures" at next week's meeting — which could be "fantastic" for your portfolio. "This is going to be the most momentous Fed meeting in recent memory because the next move is so significant, and we don't know what it's going to be," he said. However, it's too early to say if the Fed's moves will outweigh the negative effects of the growing banking crisis, Cramer said. "We're close to the point where the Fed may feel the need to take desperate measures that could be fantastic for your stocks for your portfolio," Cramer said. "We just don't know if it's enough to outweigh the bad from the snowballing banking crisis."
☆ Live updates: The latest on the Silicon Valley Bank collapse
  + stars: | 2023-03-14 | by ( Aditi Sangal | Nicole Goodkind | Lucy Bayly | ) edition.cnn.com   time to read: +3 min
Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. What seemed like a safe bet quickly came unstuck, as the Federal Reserve hiked interest rates aggressively to tame inflation. When interest rates rise, bond prices fall, so the jump in rates eroded the value of SVB’s bond portfolio. The bank’s stock plummeted 60% Thursday and dragged other bank shares down with it. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.
☆ AMERICAS Bank stress, bond volatility and disinflation
  + stars: | 2023-03-14 | by ( ) www.reuters.com   time to read: +5 min
But the implications of this sudden bout of financial instability - and its potential economic and policy fallout - were most clearly seen in the interest rate and bond markets. Implied terminal rates for the European Central Bank and Bank of England have been dramatically scaled back too - though one or two further hikes are still priced for those central banks. But the Fed rethink has led to seismic action on the U.S. Treasury market, with the biggest drop in 2-year Treasury yields on Monday since the stock market crash of 1987. Credit spreads in the corporate bond markets have also widened sharply as investors fear an economy-wide tightening of borrowing standards and financial conditions. It would certainly think twice about tightening policy again into this level of financial stress and bond market upheaval.
☆ Morning Bid: Bank stress, bond volatility and disinflation
  + stars: | 2023-03-14 | by ( ) www.reuters.com   time to read: +5 min
But the implications of this sudden bout of financial instability - and its potential economic and policy fallout - were most clearly seen in the interest rate and bond markets. Implied terminal rates for the European Central Bank and Bank of England have been dramatically scaled back too - though one or two further hikes are still priced for those central banks. But the Fed rethink has led to seismic action on the U.S. Treasury market, with the biggest drop in 2-year Treasury yields on Monday since the stock market crash of 1987. Credit spreads in the corporate bond markets have also widened sharply as investors fear an economy-wide tightening of borrowing standards and financial conditions. It would certainly think twice about tightening policy again into this level of financial stress and bond market upheaval.
☆ The Fed's been aggressively hiking rates over the past year. The banking crisis could force them to halt the hikes — or even cut them, analysts say.
  + stars: | 2023-03-14 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Nomura economists expect the Fed to cut interest rates by 0.25 percentage points next week. That's because bond prices and yields have an inverse relation, so when interest rates drop, prices bond prices tend to go up, which could alleviate losses. The Fed hiked interest rates eight times over the past year to its targeted levels of 4.5% to 4.75% now. On Sunday, investment banking giant Goldman Sachs said it doesn't expect the Fed to hike interest rates at its next meeting. The investment banking giant was previously expecting the US central bank to hike the rate by 0.25 percentage points.
☆ Premarket stocks: What comes next in the banking crisis? The early 1990s hold clues
  + stars: | 2023-03-14 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
This isn’t 2008: There are some key differences between today’s banking saga and what happened in 2008. This time around the US federal government stepped in early to guarantee all customer deposits and restore confidence in the US banking system. Here comes CPIFormer banking regulators, economists and Wall Street analysts are increasingly calling for the Federal Reserve to pause its inflation-fighting interest rate hikes because of the current banking sector chaos. Last Wednesday, investors were putting 70% odds of a half-point interest rate hike at the Federal Reserve policy meeting next week, according to the CME FedWatch tool. Analysts expect the inflation rate to come in at 6% year-over-year (down from 6.4% in January) and at 0.4% month-over-month (down from 0.5% in January).
☆ SVB collapse was driven by ‘the first Twitter fueled bank run’
  + stars: | 2023-03-14 | by ( Jennifer Korn | ) edition.cnn.com   time to read: +4 min
New York CNN —The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. “It was the speed, fueled by zero distribution costs for both rumors and withdrawals, that was so destabilizing.”Silicon Valley Bank was arguably uniquely susceptible to those factors given its tech-focused customer base. The next day, the US Federal Deposit Insurance Corporation stepped in and took control of the bank, which only added to the viral panic on Twitter. “THAT IS THE PROPER REACTION.”Hours later, the Biden administration stepped in and guaranteed the bank’s customers would have access to all their money starting Monday.
☆ SVB fallout: Is my money safe?
  + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +6 min
New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.
☆ U.S. Federal Reserve to review its oversight of Silicon Valley Bank
  + stars: | 2023-03-13 | by ( Pete Schroeder | ) www.reuters.com   time to read: +2 min
WASHINGTON, March 13 (Reuters) - The U.S. Federal Reserve announced on Monday it is reviewing its oversight of Silicon Valley Bank (SIVB.O) in the wake of its abrupt failure Friday. The Federal Reserve Bank of San Francisco was responsible for Silicon Valley Bank's supervision. "The San Francisco Fed had all the tools necessary to prevent this from happening," Senator Bill Hagerty, a Tennessee Republican, said in an interview. "We need to understand why the San Francisco Fed wasn’t utilizing all the tools at its disposal from an oversight standpoint." A spokesperson for the San Francisco Fed did not immediately respond to a request for comment.
☆ US futures and Asia Pacific stocks react to SVB recovery efforts
  + stars: | 2023-03-13 | by ( Michelle Toh | ) edition.cnn.com   time to read: +4 min
On Sunday, the Biden administration promised that customers of the failed Silicon Valley Bank (SVB) and Signature Bank would have access to all their money starting Monday. In a joint statement, US Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg said the FDIC will make SVB and Signature Bank’s customers whole. In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days. “Cross-asset traders of all stripes are heaving a sigh of relief as bank runs have a tendency to catch on globally,” he told CNN. Bank shares in Asia were under pressure Monday, following a heavy rout for their US and European counterparts late last week.
☆ Why Silicon Valley Bank collapsed and what it could mean
  + stars: | 2023-03-13 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +7 min
London CNN —Silicon Valley Bank collapsed with astounding speed on Friday. A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California, United States. Established in 1983, Silicon Valley Bank was, just before collapsing, America’s 16th largest commercial bank. Like many other banks, SVB ploughed billions into US government bonds during the era of near-zero interest rates. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to raise capital or find a buyer.
☆ SVB employees to receive 45 days of employment at 1.5 times pay, reports say
  + stars: | 2023-03-12 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +2 min
New York CNN —The US Federal Deposit Insurance Corporation offered Silicon Valley Bank employees 45 days of employment and 1.5 times their salary, reports say. US workers also received their annual bonuses on Friday, just hours before FDIC took over the collapsed lender, Axios reported. It said it would pay uninsured depositors an “advance dividend within the next week.”The FDIC took over in the midmorning Friday; usually it waits until markets close. “SVB’s condition deteriorated so quickly that it couldn’t last just five more hours,” wrote Better Markets CEO Dennis M. Kelleher. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”
☆ Takeaways from America’s second-largest bank failure
  + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +7 min
New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.
☆ Here's what's next: Silicon Valley Bank collapse has echoes of 2008. Here's why things are different this time
  + stars: | 2023-03-10 | by ( Julia Horowitz Anna Cooban | Julia Horowitz | Anna Cooban | ) edition.cnn.com   time to read: +6 min
London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.
☆ Silicon Valley Bank collapse sends tech industry into a panic
  + stars: | 2023-03-10 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +5 min
Following the bank’s collapse on Friday, uncertainty in the startup community only grew. Founders Fund, an influential venture capital firm founded by billionaire Peter Thiel, reportedly advised its portfolio companies to pull money from the bank. “SVB is the most important capital provider to tech startups and the biggest supporter of the community,” he said in a tweet. “Now is the time to support them.”The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for the tech industry. Now, the bank’s collapse risks compounding the industry’s cash crunch and broader turbulence.
☆ Use code ‘Bankrun’: Camp toy store pleads for help after Silicon Valley Bank collapse
  + stars: | 2023-03-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
New York CNN —A toy company based in New York has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat. He urged customers to use the code “BANKRUN” to save 40% off all merchandise, in an apparent nod to the run on the bank that may have helped bring down the Silicon Valley lender. Kaufman said the company was “hopeful that this will be resolved soon.”CNN has not confirmed if Camp had funds with Silicon Valley Bank when the bank collapsed. Silicon Valley Bank was put under control of the US Federal Deposit Insurance Corporation on Friday, capping off a stunning 48 hour period during which fears of a liquidity crisis at the firm prompted some startups to weigh withdrawing funds. The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for startup and tech industries.
☆ Oil stabilises as surprise US crude draw offsets rate hike jitters
  + stars: | 2023-03-08 | by ( Laila Kearney | ) www.reuters.com   time to read: +2 min
Brent crude futures for April gained 8 cents to $83.37 per barrel by 0120 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 4 cents to $77.54 a barrel. Supporting the market on Wednesday, data from the American Petroleum Institute showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources, who spoke on condition of anonymity.
☆ Premarket stocks: Jerome Powell's testimony sent markets reeling. That may be a good thing
  + stars: | 2023-03-08 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —Federal Reserve Chairman Jerome Powell on Tuesday cleared the way for larger interest rate hikes at this month’s central bank policy meeting, sending markets into a tailspin. The S&P 500 fell 1.5%, the Dow dropped 575 points, or 1.7%, and the tech-heavy Nasdaq composite ended 1.3% lower. After Powell’s testimony, market expectations for a half-percentage point rate hike spiked. If inflation fails to continue falling, he said, the Fed will keep trying to cool things down by raising rates. Even if Powell was sure that January’s economic data was a fluke, he still wants to maintain the Fed’s credibility.
☆ NSA chief worries TikTok could censor videos for 'large population of listeners' as part of Chinese influence operations
  + stars: | 2023-03-07 | by ( Sean Lyngaas | ) edition.cnn.com   time to read: +3 min
TikTok’s collection of data and its control over the algorithm that serves user content are also concerning, Nakasone said. US officials have for years accused TikTok – and its Chinese parent firm ByteDance – of collecting data that could enable surveillance by the Chinese government. A TikTok spokesperson said that the company has been working with the US government to address national security concerns. We will continue to do our part to deliver a comprehensive national security plan for the American people,” Brooke Oberwetter from TikTok said in statement. “I characterize it much more as a loaded gun.”“I would not expect individualized targeting through [TikTok] to do malicious things,” Joyce said.
<< prev 15 next >>
Total: 25