With financial services covering such a wide swath of activities in the $26.5 trillion U.S. economy, the bank failures will reverberate.
will continue to be felt. If the Fed follows through on the increase, it will mark 5 percentage points worth of hikes in a 14-month period, the fastest tightening cycle since the early 1980s.
As it relates to the banking situation, most experts see tighter credit conditions ahead that could weigh on spending, particularly as inflation and interest rates both remain elevated. An indication Wednesday of more hikes is not something investors want to see, particularly in the midst of a jumbled earnings season and ahead of a looming jobs report.
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FDIC likely to seize First Republic BankRegulators are likely to seize First Republic Bank, after potential buyers shied from acquiring the bank, fearing tens of billions of dollars in losses from the securities and loans on its balance sheet.
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Big banks including JPMorgan Chase, Bank of America asked for final bids on First RepublicU.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon.
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First Republic auction underway, with deal expected by SundayCitizens, PNC and JPMorgan are among roughly half a dozen bidders for First Republic, which was swept up in a banking crisis last month. The auction process is being run by U.S. regulators
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FDIC asks banks that want troubled First Republic Bank to submit bids by SundayThe Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids.
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Federal regulators race to seize and sell First Republic BankBREAKING: Federal regulators are racing to seize and sell First Republic Bank as soon as this weekend, a source familiar with the matter told ABC.
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What's next for troubled First Republic Bank | CNN BusinessFirst Republic Bank is still an independent bank. The question Saturday was how much longer that will continue to be true.
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