First Republic Bank slumped 67 per cent before being halted amid growing worries about the state of U.S. regional banks. The KBW Bank Index is on track for its biggest one-day drop since the start of the COVID-19 pandemic.
“Bond yields go up, which signal to the rest of the market that there is an increasing probability of default and loss severity. Even if the bank is well capitalized,” she added.Article content “The Fed has to be off the table for now. They pushed on rates until something cracked, well guess what? Something cracked,” said Peter Tchir, head of macro strategy at Academy Securities, on Bloomberg TV.
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