Another day, another bank in turmoil. PacWest Bancorp shares tanked 25 percent to below $5 at the opening bell as the financial institution announced that nearly 10 percent of its deposits fled the bank. Will it persist in the coming days and weeks? The data show that overall commercial bank deposits continue to tumble. Meanwhile, […]
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Banks tighten credit standards, loan demand weakens, Federal Reserve’s SLOOS finds
The Federal Reserve’s much-anticipated Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices is out. It is everything you expected it to confirm: tighter standards and weaker demand. Here is a summary of the SLOOS findings (emphasis ours): “The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in […]
Jerome Powell says banking system is ‘sound’; PacWest Bancorp crashes 56% in after-hours trading
“The US banking system is sound and resilient,” the Federal Open Market Committee said in a statement. The heart of the stress of the banking system — Silicon Valley Bank, Signature, and First Republic — “have now all been resolved.” Hours after these statements were delivered to the public, two more banks could be on […]
OMICRON: Vaccinated driving up infections, hospitalizations in Ontario
Despite a 90 percent vaccination rate in the province of Ontario, Premier Doug Ford has placed half of the country’s population on lockdown. Schools have gone online, the movie theaters are closed, and retail settings are at 50 percent capacity. But everyone is blaming the unvaccinated. Is it the fault of the unvaxxed? Not quite. […]
STUDY: Half of Canadians on the brink of insolvency amid coronavirus crisis
The coronavirus economic fallout has not only destroyed financial markets and government budgets, but COVID-19 is also impacting millions of households all over the world. Canada is no exception. According to the MNP Consumer Debt Index study, nearly half (49 percent) of Canadians say they are on the brink of insolvency due to the virus […]