Heard on the Street: The Silicon Valley Bank and Signature Bank failures could put the Fed’s rate increases on hold, even as economic data suggest it has more work to do
give Federal Reserve policy makers two good reasons to hold off on raising rates when they meet next week. But the latest run of economic data can only serve to remind them why, until last week anyway, they planned to keep raising rates.
Investors’ expectations for the Fed have been whipsawing this year. Early on there were hopes that cooler inflation would lead the Fed to raise its range on overnight rates by a final quarter point at its March meeting, and then go on hold. A monster January employment report and unexpectedly strong inflation reports changed that.
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Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plungesFederal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area bank plunged.
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Silicon Valley Bank clients will have access to funds, Feds announceU.S. government says all Silicon Valley Bank clients will have access to funds, announces steps to prevent more bank runs.
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Silicon Valley Bank customers will have access to funds Monday, feds sayThe U.S. government took emergency steps Sunday and assured clients of the failed financial institution that they would be able to recover all of their money quickly.
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Feds hold auction for failed Silicon Valley Bank, move to protect uninsured depositorsFederal financial regulators are moving to reassure depositors at Silicon Valley Bank with a special backstop as they pursue the failed bank's sale through an auction.
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Feds shore up Silicon Valley Bank deposits, capping weekend of anxiety for Mass. customersThe U.S. Treasury announcement came at the end of a tense weekend for the bank's customers across Greater Boston, who were scrambling to secure cash for payroll and business operations.
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