Bank stocks dive as Wall Street trembles amid SVB failure

"Americans can have confidence that the banking system is safe," Mr. Biden said in brief remarks from the White House."Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills, and their hard-working employees can breathe easier as well.

"The events of the last few days are likely to worsen the funding cost pressure that the industry was already facing," they said in a report."No bank is immune, but this pressure will likely be most pronounced among banks with a larger mix of rate sensitive customers." The two-year yield, which moves more on expectations for the Fed, had an even more breathtaking drop. It fell to 4.12% from 4.59% Friday.Some investors are calling for the Fed to make emergency cuts to interest rates soon to stanch the bleeding. The wider expectation, though, is that the Fed will likely pause or slow its increases.

That latter effect is one of the reasons for the worries about the banking system. The Fed began hiking interest rates almost exactly a year ago, and it's instituted the sharpest flurry in decades. Its key overnight rate is now at a range of 4.50% to 4.75%, up from virtually zero.

premisedata Esto afecta algo a premisedata ?

NorahODonnell it is the crypto! stupid.

Don't think Biden's calming words had much effect on investors. They deal with reality, not a senile President's fantasy world!

What was the est of how many billions of market value were lost today?

Thats interference w markets. Let them go to 0.

Let’s go Brandon 🙄

But Biden said citizens shouldnt worry…

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Bank stocks drop and S&P 500 swings as Wall Street shakesNEW YORK (AP) — Wall Street is worried about what may be next to topple following the second- and third-largest bank failures in U.S. history, and stocks are swinging sharply Monday as investors scramble to find someplace safe to park their money. Poor rich people. I here Switzerland is nice this time of year. You can even evade taxes there. 😭😭✋🏿💀💀✋🏿✋🏿Goddess has been working on ending the 1% since 2021😭😭✋🏿✋🏿💀
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