People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the bank’s collapse, on March 13, 2023. Nikolas Liepins | Anadolu Agency | Getty Images It’s been an unsettling period for consumers and the financial markets as the collapse of Silicon Valley Bank has … Read more
Rate hikes, one year later For its part, the Fed has already hiked its benchmark fund rate eight times over the last year to its current level between 4.5% and 4.75%. The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another … Read more
There’s speculation the Silicon Valley Bank collapse could expose problems lurking in ETFs tied to specific sectors. Astoria Portfolio Advisors CIO John Davi has financials topping his watch list. “You need to be mindful of your risk,’” Davi, who runs the AXS Astoria Inflation Sensitive ETF, told CNBC’s “ETF Edge” this week. The fund is … Read more
European Central Bank (ECB) President Christine Lagarde announces a new monetary policy decision. Frederick Florin | Afp | Getty Images The European Central Bank on Thursday announced a further rate hike of 50 basis points, despite turmoil in banking stocks. The ECB had signaled for several weeks that it would be raising rates again at … Read more
If the market gyrations and Silicon Valley Bank’s failure are rattling your faith in stocks, there are places to look for safety. In fact, investors flocked into Treasurys and gold on Monday after the collapse of Silicon Valley Bank and Signature Bank , and the government’s subsequent plan to backstop the banking system. Yet experts … Read more
Having multiple credit cards and playing the rewards game can save you hundreds of dollars each year — if you’re smart about how you use the cards. “The big fork in the road is whether or not you carry a balance,” said Ted Rossman, senior analyst at Bankrate.com and Creditcards.com. “I think you should use … Read more
A man walks by the headquarters of Silicon Valley Bank on March 10, 2023 in Santa Clara, California. Liu Guanguan | Getty Images Most consumers have FDIC coverage The FDIC was created in 1933 following thousands of bank failures. Since coverage began in 1934, no depositor has lost insured funds due to a bank failure. … Read more
A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images After two bank failings and dramatic moves from U.S. regulators to protect depositors, financial advisors have a message for consumers: Don’t panic. The U.S. government on Sunday approved plans to … Read more
The Federal Deposit Insurance Corp. headquarters in Washington, D.C. Andrew Harrer | Bloomberg | Getty Images Financial regulators are discussing two different facilities to manage the fallout from the closure of Silicon Valley Bank if no buyer materializes, according to a source close to the situation. One way that the regulators would step in would … Read more
A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images Silicon Valley Bank’s customers, along with investors and bankers across the globe, are waiting for an announcement from U.S. regulators about what comes next after the largest bank failure since … Read more