Are Americans waving goodbye to small banks? In the aftermath of the Silicon Valley Bank and Signature Bank failures and the U.S. government signaling that it would only come to the rescue of the big banks and well-connected institutions, depositors are right to be concerned. According to new data from the Federal Reserve, bank customers […]
Federal Reserve added another $100 billion to its balance sheet last week amid banking crisis
The Federal Reserve added another $100 billion to its balance, raising the total to nearly $400 billion in two weeks. The U.S. central bank’s balance sheet now stands at $8.733 trillion. At the beginning of its tightening campaign, the balance sheet was $8.965 trillion. Here is the chart:
Watch: Post-FOMC policy meeting with Fed Chair Jerome Powell
First, here is the post-meeting press conference with Federal Reserve Chair Jerome Powell: Now, the Federal Reserve raised interest rates by 25 basis points, increasing the benchmark target rate to a range of 4.75% and 5.00%. The key Federal Open Market Committee (FOMC) statement that everyone was waiting for: “The U.S. banking system is sound […]
Markets expecting quarter-point rate hike at today’s FOMC meeting
The financial markets are penciling in a quarter-point increase to the benchmark federal funds rate at today’s Federal Open Market Committee (FOMC) policy meeting. Here is a snapshot of what investors expect: Looking ahead, the futures market does not see the Fed easing monetary policy until December. But there is one man urging the U.S. […]
Vladimir Putin: ‘We support the use of Chinese yuan in payments’
The de-dollarization push is on! Russian President Vladimir Putin announced during his meeting with Chinese President Xi Jinping on Tuesday that Moscow supports the use of China’s yuan in trade with African, Asian, and Latin American nations. “We support the use of Chinese yuan in payments between Russia and countries of Asia, Africa, and Latin […]