Participants discussed how the regional banks, specifically Silicon Valley Bank, Signature Bank and First Republic Bank, in the US came under pressure in mid-March. This led to coordinated support by government agencies and other global banks and presented the Federal Reserve with a choice of continuing to fight inflation or reverse course amid a banking crisis and begin easing monetary policy. In addition in mid-March, UBS purchased Credit Suisse under the watchful eye of Swiss regulators.
We also provided insight into the months preceding the bankruptcy of Silicon Valley Bank, the events of March 8th through March 17th, the continued global dynamics impacting banks and the knock-on implications for fixed income and macroeconomic policy.
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