Phil, Mike, and Larry talk about why regulators closed Silicon Valley Bank on Friday and took control of its deposits in what is the largest U.S. bank failure since the global financial crisis 15 years ago, and the second-largest bank failure in U.S. history. They also discuss the closing of Signature Bank on Sunday, making it the third-largest bank failure. Then they evaluate what all this means for the Federal Reserve’s interest rate policy. Last week, the Fed said it will continue to aggressively raise rates to curb inflation. But the problems in the banking sector could change all that.

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