The 36-Hour SVB Collapse and Hierarchy of Blame
A lot has changed in the past few weeks, both in terms of expectations for interest rates and lost confidence in the health of the banking system as a result of the sharp rise in interest rates that has led to some things “breaking,” as we wrote about last week. Here we share some thoughts […]
Weekly Bottom Line
The Federal Reserve delivered a modest 25-basis point hike this week amid banking stress, lifting the policy rate to a range of 4.75-5.00% – a level that’s just a hair below its previous peak back in 2007. Fed projections show the policy rate peaking at 5.1% in 2023, implying one more hike for the year, […]