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The Causes of the SVB/Signature Bank Collapse
The collapse of Silicon Valley Bank (SVB) and Signature Bank, two of the nation’s largest financial institutions, has sent shockwaves through the banking industry.[0] With the Federal Deposit Insurance Corporation (FDIC) appointed as the receiver, many are left wondering what exactly happened and how we can avoid a similar situation in the future.[1] The story […]
Continue reading Is the US Economy Headed for a Recession?
Is the Economy in a Recession Now? As we enter the second quarter of 2023, the question on everyone’s mind is whether or not the US economy is officially in a recession.[0] The textbook definition of a recession is a significant decline in economic activity that lasts for a prolonged period, usually characterized by two […]
Continue reading Banks Unite to Rescue First Republic Bank with $30 Billion Deposit
Shares of First Republic sank as much as 23% on Friday, sending its losses for the week to a record 68%.[0] The bank had reported that its borrowings from the US Federal Reserve varied from $20 billion to $109 billion from March 10 to March 15, said it was suspending dividend payments and disclosed a […]
Continue reading OECD Lowers Growth Forecast for South Korea amid Global Economic Volatility
The Organization for Economic Cooperation and Development (OECD) on Friday lowered its 2023 growth forecast for South Korea to 1.6 percent from 1.8 percent in its previous outlook given in November. This downward revision is in line with the Bank of Korea’s assessment released earlier in February, when the central bank lowered its growth outlook […]
Continue reading Banking Sector Reeling After SVB Financial Collapse – “Buy the Dip
The banking sector has been hit hard by the recently announced collapse of SVB Financial.[0] The Dow Jones Industrial Average dropped more than 500 points on Wednesday morning, representing a 1.3% decline.[1] The S&P 500 and Nasdaq dropped 1.5% each.[1] On Monday, President Biden sought to reassure Americans that the nation’s banking system is safe.[2] […]
Continue reading Treasury Secretary Janet Yellen Reassures Congress that the U.S. Banking System is Sound
Treasury Secretary Janet Yellen sought to reassure Congress Thursday that the U.S. banking system remained “sound” after a week of market tumult, despite two US bank failures over the past week.[0] Speaking before the Senate Finance Committee, Yellen touted the government’s “decisive and forceful actions to strengthen public confidence in our banking system” after Silicon […]
Continue reading ECB Raises Interest Rates Amid Credit Suisse Crisis
On Thursday, March 16, 2023, the European Central Bank held their monetary policy meeting and decided to go ahead with their planned half a percentage point rise in their base interest rate, despite the financial turmoil of the past week.[0] This decision is in focus for European markets, as the ECB is attempting to slow […]
Continue reading Bank of America CEO Predicts “Slight” Recession, Interest Rates Unlikely to Fall Until 2024
Bank of America CEO Brian Moynihan is predicting a “slight” recession this year, along with a warning that interest rates won’t fall until 2024. The investment bank Goldman Sachs has recently raised its chances of a US recession occurring in the next 12 months from 25% to 35%.[0] Moynihan made his prediction during the Financial […]
Continue reading Silicon Valley Bank Collapses in Bank Run
Silicon Valley Bank, founded in 1983 and specializing in banking for tech startups, faced a bank run and collapse on March 8, 2023.[0] The parent company, SVB Financial Group, announced it had sold $21 billion of assets at a $1.8 billion loss and was going to sell $1.75 billion worth of shares to help plug […]
Continue reading Jobless Claims Decline to 192,000 as Insured Unemployment Rate Rises to 1.2%
On Thursday, the Department of Labor reported that initial jobless claims declined by 20,000 to a seasonally adjusted 192,000 in the week ending March 11.[0] The 4-week moving average of claims, which smoothes out some of the week-to-week fluctuations, decreased by 750 to 196,500, staying below the 200,000 mark for 8 consecutive weeks.[0] Continuing claims, […]
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