Sen. Elizabeth Warren has made it clear she is not a fan of Federal Reserve Chair Jerome Powell, and took a few more swipes at him Friday over banks and interest rate hikes.
to raise its benchmark interest rate by a quarter of a point, in its ninth consecutive rate hike since last spring in the central bank's attempt to tame high inflation. The senator said she believed the Fed should hit pause and not increase rates any further on Wednesday.
A worker tells people that the Silicon Valley Bank headquarters is closed on March 10, 2023 in Santa Clara, California. SVB was shut down by regulators following a run on the bank amid a liquidity crisis. The collapse of Silicon Valley Bank on March 10 has been attributed in part to the bank being caught off guard by steep interest rate hikes, and the failure of other banks in recent weeks sparked concern that the contagion could spread. Some critics blame SVP's collapse on poor risk management, but fears remain that more institutions may find themselves in the same predicament as rates continue to rise.
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