The European Central Bank (ECB) has announced a 25 basis point increase in its three key interest rates, bringing the rates on the main refinancing operations, marginal lending facility, and deposit facility to 3.75%, 4.00%, and 3.25%, respectively.
Following its May 2-3 meeting, the Federal Reserve announced that it has raised the target range for the federal funds rate to 5 to 5-1/4 percent, in response to the modest economic growth observed in the first quarter.
The Federal Deposit Insurance Corporation (FDIC) has released a report titled "Options for Deposit Insurance Reform," which presents a comprehensive overview of the deposit insurance system and possible reforms in light of recent bank failures.
In a recent speech before the Standing Senate Committee on Banking, Commerce and the Economy, Bank of Canada Governor Tiff Macklem discussed the bank's monetary policy and recent policy announcement.
The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver and entered into an agreement with JPMorgan Chase Bank to protect depositors, assume all deposits, and acquire most of First Republic Bank's assets.
Sarah Breeden, executive director for financial stability, strategy and risk with the Bank of England, says that because the financial system and the "real economy" are closely connected, it is important to monitor corporate debt, given its impact on the economy.
The Federal Reserve Bank of Richmond's fourth annual Investing in Rural America Conference, held in Roanoke, focused on collaboration among stakeholders to strengthen small towns and rural communities.
The review found that SVB's management and board of directors failed to manage their risks, and the Federal Reserve's supervisors did not fully appreciate the extent of the bank's vulnerabilities.