What the Fed’s latest rate hike means for credit card rates and other loans

What the Fed's latest rate hike means for credit card rates and other loans

By Keith Griffith and Ross Ibbetson For Dailymail.com 23:43 22 Mar 2023, updated 05:01 23 Mar 2023 Fed on Wednesday raised its benchmark interest rate by a quarter point People with variable-rate credit cards or loans could see higher payments The increase is largely already priced in to mortgages, which dropped this week  The Federal … Read more

First Republic Bank Explores Options, Including Sale. The Stock Is Up.

First Republic Stock Falls Despite $30 Billion Big Banks Rescue Package

The bank has hired advisors Lazard (ticker: LAZ) and McKinsey & Co. as it explores options including a sale or trimming assets, a person familiar with the matter told Barron’s. News of Lazard’s involvement was reported earlier by The Wall Street Journal. Wall Street CEOs and U.S. officials are exploring the possibility of government backing … Read more

Silicon Valley Bank’s Former Parent Says FDIC Seized About $2 Billion of Its Cash

Silicon Valley Bank’s Former Parent Says FDIC Seized About $2 Billion of Its Cash

Silicon Valley Bank’s former parent company can’t access about $2 billion that it had deposited at the failed bank, after regulators froze the company’s accounts and are exploring whether it should help shoulder costs associated with the bank’s failure. Lawyers for SVB Financial Group, the holding company that used to control the now-defunct bank, claimed … Read more

Bitcoin Prices Slips. The Fed Decision Will Be a Key Moment for Cryptos.

5 Reasons Bitcoin's Price Is Soaring Amid the Bank Panic. One Is Key for Stocks.

Bitcoin and other cryptocurrencies settled lower Tuesday after a rally that carried digital assets to their highest point since last summer. While the Federal Reserve decision Wednesday is the next key catalyst, cryptos show signs of fundamental strength. The price of Bitcoin has fallen 2% over the past 24 hours to $27,750 after the largest … Read more

Credit Suisse, UBS, First Republic, New York Community, PacWest, and More Movers

Credit Suisse, UBS, First Republic, New York Community, PacWest, and More Movers

American depositary receipts of Swiss bank Credit Suisse (ticker: CS) plunged more than 47% to about 83 cents after larger rival UBS (UBS) agreed to buy Credit Suisse in a deal valued at about $3.2 billion. The merger of Switzerland’s two largest banks—engineered over the weekend by Swiss authorities—comes against a backdrop of industry turmoil. U.S.-listed shares … Read more

5 Reasons Bitcoin’s Price Is Soaring Amid the Bank Panic. One Is Key for Stocks.

5 Reasons Bitcoin's Price Is Soaring Amid the Bank Panic. One Is Key for Stocks.

Bitcoin and other cryptocurrencies marched higher again Monday, continuing a recent rally into a new week in the face of turmoil across financial markets. There are at least five reasons why digital assets may be outperforming—and one is key for stocks. The price of Bitcoin has risen 4% over the past 24 hours to above … Read more

The Fed’s Remittances to the Treasury Have Gone from Billions to Nearly Zero

The Fed’s Remittances to the Treasury Have Gone from Billions to Nearly Zero

This is a commentary by Allan Sloan, an independent business journalist and seven-time winner of the Loeb Award, business journalism’s highest honor. We all know about the problems the Federal Reserve is having these days trying to hold the U.S. and world financial systems together in the aftermath of the Silicon Valley Bank collapse. But … Read more

First Republic Stock Falls Despite $30 Billion Big Banks Rescue Package

First Republic Stock Falls Despite $30 Billion Big Banks Rescue Package

Regional bank stocks fell Friday even after the country’s biggest lenders agreed to inject $30 billion in uninsured deposits into First Republic Bank . The rescue plan, involving many of America’s largest banks, including Bank of America (ticker: BAC), Citigroup (C), and JPMorgan Chase (JPM), initially brought some relief to shares of regional banks but … Read more