May 03 White House economists warns of recession as debt ceiling fight drags on By Zeke Miller, Josh Boak, Associated Press In a new report, they detail potential job losses and stunted economic growth if lawmakers engage in "brinkmanship" before ultimately reaching a deal to meet the government's financial obligations. Continue reading
Mar 16 Credit Suisse shares soar after European Central Bank offers lifeline By Jamey Keaten, Danica Kirka, Associated Press Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country's second-biggest lender following the collapse of two U.S. banks. Continue reading
Mar 16 European Central Bank backs big interest rate hike despite global bank chaos By David McHugh, Associated Press The European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global… Continue reading
Mar 14 Analysis: Why Silicon Valley Bank and Signature Bank failed so fast By Vidhura S. Tennekoon, The Conversation Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time. Continue reading
Mar 13 What to know about the Silicon Valley Bank collapse By Christopher Rugaber, Ken Sweet, Associated Press Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks… Continue reading
Mar 10 Silicon Valley Bank seized by FDIC after largest failure since the Great Recession By Ken Sweet, Associated Press It is the second-largest bank failure in history, behind only the failure of Washington Mutual in 2008. The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the… Continue reading
Dec 22 U.S. economy beat early estimate, grew 3.2 percent in 3rd quarter By Paul Wiseman, Associated Press Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2 percent annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth. Continue reading
Dec 16 Fed plans to keep rates high as US recession still a growing a fear By Paul Wiseman, Stan Choe, Associated Press On Thursday, stock investors were spooked by the growing understanding of how much further the Fed seems willing to go to defeat high inflation. Continue reading
Dec 14 Watch 5:39 After raising interest rates again, Federal Reserve warns more hikes likely in 2023 By Geoff Bennett, Dorothy Hastings After announcing another half-point interest rate hike, Federal Reserve Chair Jay Powell indicated more hikes are on the way in 2023. This comes as inflation shows signs of slowing gradually, but there are again concerns the Fed is not going… Continue watching
Nov 16 European Central Bank says a recession ‘has become more likely’ By David McHugh, Associated Press It's looking more like a recession is coming in Europe. That's the takeaway from a financial stability report that the European Central Bank released Wednesday. Continue reading