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Another Chaotic Week for Banks Marks the End of an Era for the Global Economy

The financial world has experienced a tumultuous two weeks, with major events hitting banks and the economy, including the closure of Silicon Valley Bank and seizure of Signature Bank.

1 min read
  • The financial world has experienced a tumultuous two weeks, with major events hitting banks and the economy.
  • The Federal Reserve's hawkish warning caused Treasuries to reach fresh lows.
  • Silicon Valley Bank, a crypto-friendly bank, was closed by regulators, leading to the worst day in almost three years for bank stocks.
  • Regulators seized Signature Bank after customers withdrew 20% of its deposits.
  • Moody's downgraded its outlook for the US banking system and placed six large regional banks on review for downgrade.
Another Chaotic Week for Banks Marks the End of an Era for the Global Economy
“Pax Volckeriana” is over, with the pressure of higher rates and inflation showing up — and squeezing out — weaker points in the financial system. How far will it spread and what can the Fed do?
BloombergJohn Authers

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