London, Sydney — Europe's bank shares suffered their biggest fall in over a year and bond markets saw a gigantic repricing of rate hike bets on Monday as global efforts to limit the fallout from the collapse of Silicon Valley Bank failed to ease fears.
The Fed also said it would make additional funding available through a new “Bank Term Funding Program”, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold. Analysts noted that, importantly, the Fed would accept collateral at par rather than marking to market, allowing banks to borrow funds without having to sell assets at a loss.
The implied peak for rates came all the way down to 5.08%, from 5.69% last Wednesday, and markets were back to pricing in rate cuts by the end of the year.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: News24 - 🏆 4. / 80 Read more »