The president and regulators seek to contain fallout from Silicon Valley Bank collapse, Goldman Sachs now says no Fed interest rate hike next week; HSBC acquires SVB’s UK operations; Other regional banks under scrutiny

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15

MORNING

HED

U.S. regulators intervene to prevent an escalating banking crisis

DEK

Regulators over the weekend took steps to reassure the public that their bank deposits are safe; Authorities said that Silicon Valley Bank’s customers will have access to all of their funds; Regulators in New York closed Signature Bank - March 13, 2023

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Job growth slowed to 311,000 in February, versus 504,000 the month before; wage growth moderated and unemployment rose to 3.6 percent; Silicon Valley Bank was seized by regulators after a run on the bank.

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The economy added 311,000 jobs in February, while wage growth slowed; Investors sell bank shares amid concerns over SVB Financial; Mortgage rates rise for fifth week

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Investors sold bank shares after Silvergate, SVB news; Average 30-year mortgage rate rises to 6.73%; Labor Department to release jobs report amid drop in job openings - March 10, 2023

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Stocks fall; job market remains tight despite uptick in claims; Russian oil prices hit three-month high; household net worth rises last quarter

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The bank claims Jes Staley entangled it with Jeffrey Epstein; California to end Walgreens contract over abortion medication decision; Weekly unemployment benefit claims rise to 211,000; U.S. agency bans imports of Peloton, iFIT exercise machines

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The president unveils his budget proposal today; FBI director says China’s government could use TikTok as propaganda tool; Crypto-focused bank Silvergate to shut down

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Stocks close mixed; job openings decline in construction, finance, food and accommodation; private sector adds jobs; imports rise in January

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The number of people quitting jobs fell, while layoffs increased; Private sector added 242,000 jobs in February, ADP says; Powell testifies in Congress for second day

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