.GoldmanSachs raised the chances of a recession in the United States to 35%, up 10 percentage points from its previous prediction, in the aftermath of Silicon Valley Bank's collapse and a dip in stock futures for large US banks.
The bank released its recession odds on Thursday,"reflecting increased near-term uncertainty around the economic effects of small bank stress."Goldmach Sachs's chief economist Jan Hatzius is the only Wall Street economist to raise the chances of a recession following a week of financial turmoil. He also predicts that GDP will fall from 0.3% to 1.2% for the upcoming quarter.
“I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen is expected to say per her prepared remarks. Silicon Valley Bank, the 16th largest bank in the United States, collapsed last week after a run on the bank, leading to clients withdrawing $42 billion in a single day. By the end of Thursday, the bank had a $958 million negative cash balance, and its stock price had fallen about 60%.
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SVB says Goldman Sachs was the buyer of portfolio it booked losses onSVB Financial Group said on Tuesday that Goldman Sachs Group Inc was the acquirer of a bond portfolio on which it booked a $1.8 billion loss, a transaction that set in motion the failure of SVB.
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Goldman Sachs cuts U.S. GDP forecast after banking crisisGoldman Sachs on Wednesday lowered its forecast for fourth-quarter U.S. gross domestic product (GDP) growth, citing risks to the lending environment as smaller banks pull back on loans to preserve liquidity in the face of a banking crisis.
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Goldman Sachs bought SVB bonds whose $1.8B loss set off its collapseGoldman Sachs bought the SVB bonds whose $1.8 billion loss set off the startup lender's meltdown
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