'Shark Tank' investor Kevin O'Leary warns of more regional bank failures as the Fed presses ahead with interest-rate increases
"Shark Tank" investor Kevin O'Leary sliced into the Federal Reserve after it hiked interest rates once again this week – warning the aggressively tight monetary policy will lead to more regional bank failures.
The Fed increased its benchmark rate this week by 25 basis points following a pause in June, boosting the effective fed funds rate to its highest level in 22 years. The decision came despite the latest official data showing consumer-price inflation cooled to 3% in June, from as high as 9.1% a year earlier.
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