The Silicon Valley Bank and Signature Bank failures are the first significant indication of trouble in the US economy since the interestrate hikes, causing global shockwaves in financial markets: Ryk_van_Niekerk SVBCollapse Moneyweb
The US Federal Reserve started to increase interest rates in March last year, and it was almost inevitable that banks would experience some strain, and that some would even fail. However, few anticipated that within less than two weeks, three banks would collapse. Source: The author The failures of Silicon Valley Bank and Signature Bank are especially concerning as they are the second and third-largest bank failures in US history, the largest being Washington Mutual Bank in 2008.
Read: Why SVB and Signature Bank failed so fast – and the US banking crisis isn’t over yet These failures were the first significant indication of trouble in the US economy since the interest rate hikes, causing global shockwaves in financial markets. Several experts have preached that the failure of these banks was an isolated incident due to “unique” circumstances and that the problems are not systemic.
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