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...“Idiosyncratic sounds like idiotic — and Silicon Valley was that,” says Lawrence J White, a finance professor at New York University who formerly worked in government during the savings and loan crisis....
...Also, Daylight Saving time begins, with clocks going forward one hour....
...For borrowers, the savings can be substantial....
...The numbers that we saw on Friday really just did underscore just how lucrative the Federal Reserve lifting interest rates has been for the biggest US banks....
...The increase puts a lot of pressure on the Federal Reserve over when to cut interest rates. The US central bank meets next week, and it’s widely expected to keep rates at a 23-year high....
...However, the problem for the BoE — one that is also faced by the US Federal Reserve and the European Central Bank — is that it will find it hard to commit to keeping rates high for a prolonged period....
...Central banks in the US and UK are both meeting to set interest rates — the Federal Reserve will announce its decision on Wednesday and the Bank of England on Thursday....
...Most analysts predict the central bank will make its first rate cut in either June or July....
...Details are yet to be confirmed and the administration may also offer control of a state-owned bank....
...A new book, Making Economics Public, includes a chapter describing the Economy Museum of the Federal Reserve Bank of St Louis....
...The Bank of England is fairly gloomy about the outlook....
...The US is still clearing up the mess that pricier money triggered among riskily run banks. The Federal Deposit Insurance Corporation needs to recoup $15.8bn spent on containing bank runs....
...Lunate Capital, a new Abu Dhabi-based asset manager set up with $50bn in assets, will oversee the fund with at least $5bn earmarked for investment in Global South countries....
...And here’s what else I’m keeping tabs on today: Economic data: The Federal Reserve Bank of New York issues the Empire State Manufacturing Survey for July....
...Australia picked a new central bank chief after a backlash against its interest rate tightening cycle last year....
...On Monday, the duo launched a new savings account yielding 4.15 per cent a year, more than 10 times the national average rate....
...The European Central Bank could be forgiven for breathing a sigh of relief today as new data showed wage growth in the eurozone stabilising....
...The rest are made by other kinds of financial companies, such as specialised lenders and savings co-operatives. The impact on banks depends on their customer mix....
...Aftab Zafar, an oil adviser in Islamabad, said that refining the Russian crude would cost between $2 and $5 a barrel, eating into the savings....
...Its new Goldman Sachs-run savings account offers a 4.15 per cent interest rate. Bank of America and Chase are still only paying a few basis points....
...Schwab has access to over $300bn of liquidity through the Federal Home Loan Bank and other facilities. That is ample capacity to handle even dire short-term illiquidity....
...“The stronger labour market means paycheques rather than rainy-day savings can fuel spending,” Wells Fargo economists wrote on Wednesday....
..., January industrial orders data UK, Halifax house price index US, Federal Reserve chair Jay Powell gives twice yearly monetary policy testimony to the Senate Banking Committee Results: Ashtead Q3, Bank...
...News clip 1 The collapse of the US-based Silicon Valley Bank . . . News clip 2 . . . anatomy of a collapse of a big bank . . . News clip 3 . . . and Silicon Valley Bank collapse . . ....
...Economic data The Federal Reserve gets top billing in the economic news with its monthly rate-setting committee announcing its monetary policy adjustment on Wednesday....
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