U.S. President Joe Biden sought to reassure depositors that the sudden collapse of Silicon Valley Bank and Signature Bank did not threaten their savings
with SVB accounts rushed to assess the impact on their finances. In Germany, the central bank convened its crisis team to assess any fallout.it was buying the British arm of SVB for one pound .
Prime Minister Rishi Sunak added his voice to those in the UK saying there was no concern about systemic risk. The Fed's options are limited, said Sobel. "The Fed could cut rates, but that has its own drawbacks. So the Fed and Treasury have kind of shot their bazooka for now. I think it's a question of the market steadying out. Is this a one-off adjustment in regional banks, or does it portend more to come?"
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