The S&P 500 was 0.8% lower in early trading. The Dow Jones Industrial Average was down 239 points, or 0.7%, at 31,865, as of 9:42 a.m. Eastern time, while the Nasdaq composite was 0.8% lower.
Credit Suisse faced a relatively unique set of longstanding troubles. But the second- and third-largest U.S. bank failures in history earlier this month have cast a harsher spotlight across the entire banking industry. In the U.S., the hunt by investors has primarily been for banks that could face a debilitating exodus of customers, similar to what helped cause the failures of Silicon Valley Bank and Signature Bank.
Federal Reserve Chair Jerome Powell said worries about a pullback in lending were one of the reasons the Fed raised rates by only a quarter of a percentage point this week, instead of a more aggressive half point, in its campaign to battle inflation. Traders are more skeptical, though. The rising possibility of a recession has them betting heavily that the Fed will have to cut interest rates as soon as June to release some of the pressure on banks and the economy.
Put your money into crypto (not CBDC 'crypto' tho, and do some research, it will be a learning curve) and other assets. Force the government to play by the peoples economic rules, don't participate in fiat currency that the government controls.
Deutsche Bank knows what's in Trumps tax returns, his ties to Putin who uses Trump International Hotels LLC accounts, to launder millions from the Soviet treasury, including embezzling 23 million in gold in Switzerland. All of it arranged by Alex Schnaider, BBirshtein.
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