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☆ FDIC mistakenly releases confidential information on Silicon Valley Bank depositors, revealing major tech giants that benefitted from government help
▼ + stars: | 2023-06-23 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

The FDIC sent Bloomberg an unredacted list of Silicon Valley Bank depositors by mistake. The list reveals that Silicon Valley Bank's biggest depositors included tech giants like Sequoia. Some of these depositors kept their relationship with the bank confidential, Bloomberg reports. After Silicon Valley Bank failed in March, U.S. officials — including President Joe Biden and Treasury Secretary Janet Yellen — described its rescue as a necessary step to protect small businesses. While many early-stage startups banked with the SVB, new documents obtained by Bloomberg show that several global tech giants with significant deposits also benefitted from the government's intervention.

Persons: Joe Biden, Janet Yellen —, Jeff Bezos, — Organizations: FDIC, Bloomberg, Silicon, Morning, Valley Bank, Sequoia, Apple, Google, Altos, Inc, Treasury Department, Federal Locations: Silicon Valley, Sequoia, U.S, SVB

☆ Why recession fears are back: Americans are losing faith
▼ + stars: | 2022-12-16 | by ( Christine Romans | ) edition.cnn.com time to read: +4 min

The famous British economist John Maynard Keynes coined the phrase “animal spirits” to describe what drives investors, consumers and business leaders. “At the end of the day, a recession is a loss of faith,” said Mark Zandi, chief economist at Moody’s Analytics. Yellen explained this week that recession risks permanently exist. “There are always risks of a recession,” Yellen told CBS’s “60 Minutes” in an interview that aired on Sunday. Hopefully we don’t lose faith and run for the bunker and go into recession.”— CNN’s Elizabeth Yang contributed to this report.

☆ What to expect from the Fed meeting
▼ + stars: | 2022-12-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

Although that increase would be smaller than the three-quarter-point hikes announced at the past four Fed meetings, it’s nothing to scoff at. Yet Wall Street appears to believe the Fed will eventually be forced to pivot away from, or even reverse its regimen of rate hikes. The Fed will conclude its rate hike regimen by the second quarter of next year, predicted JPMorgan analysts in a recent note. A global problemThe Fed isn’t acting alone, it’s just one of nine central banks expected to make a rate announcement this week. The European Central Bank, the Bank of England and the Swiss National Bank are expected to follow the United States with half-point moves of their own on Thursday.

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