The Fed can use emergency powers to bail out the depositers of the first few banks which fail, but the credit lines will not extend much further than that!
However, I am sure there is 'sweat upon the brow', in the basements of the Fed. This might be the end of the interest rate rises for a while? Take note RBA!
Officials took the extraordinary step of designating SVB and Signature Bank as a systemic risk to the financial system, which gives regulators flexibility to backstop uninsured deposits.
The Federal Reserve and the Treasury Department also used emergency lending authorities to establish a new facility to backstop bank deposits.
Regulators announced the moves in a joint statement from Treasury Secretary Janet Yellen, Fed Chair Jerome Powell, and Federal Deposit Insurance Corp. Chair Martin Gruenberg. The group said that depositors at SVB and Signature would have access to all of their money on Monday. ...
Best looking weekly chart, page-1296
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Last
$15.85 |
Change
0.150(0.96%) |
Mkt cap ! $18.22B | |||
| Open | High | Low | Value | Volume |
| $16.00 | $16.05 | $15.81 | $86.08M | 5.402M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 9868 | $15.85 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $15.86 | 1500 | 1 |
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| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| NST (ASX) Chart |