The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily, down from 6.76% on Friday and a high of 7.05% last Wednesday.[0] This decrease could potentially lead to increased home sales in the spring housing market, and is likely due to the yield on a 10-year […]
Continue readingMeta, the parent company of Facebook and Instagram, is conducting another round of sweeping layoffs, including 10,000 job cuts and the closing of 5,000 open roles. CEO Mark Zuckerberg announced the news in a memo to staff on Tuesday, saying that the job cuts are part of a larger plan to flatten the company’s management […]
Continue readingOn Friday, March 13, 2023, the Federal Deposit Insurance Corporation (FDIC) seized Silicon Valley Bank (SVB) due to a massive bank run that occurred on Thursday. SVB was the 16th most significant commercial bank in the United States and the biggest in terms of deposits in Silicon Valley, California.[0] The bank’s $209 billion in assets […]
Continue readingMoody’s Investors Service has placed six US lenders on review for downgrade, signalling mounting concerns about the health of regional financial firms in the wake of the collapse of Silicon Valley Bank.[0] The credit rating agency is assessing the creditworthiness of San Francisco-based First Republic Bank, Phoenix-based Western Alliance Bancorporation, Dallas-based Comerica Bank, Kansas City’s […]
Continue readingOn Tuesday, the U.S. Bureau of Labor Statistics released the consumer price index (CPI) data for February, which showed headline inflation rose 0.4% over the month and 6% over the year.[0] This was in line with expectations and marked the smallest annual increase since September 2021.[1] Core CPI, which excludes food and energy costs, also […]
Continue readingThe Silicon Valley Bank (SVB) collapse is the second-largest failure of a US bank in history, and its significance for the economy cannot be overstated.[0] SVB was an important financial institution for the tech industry, catering to nearly half of all US venture-backed start-ups.[1] As the bank of the global innovation economy, it served 65 […]
Continue readingSilicon Valley Bank, the 40-year-old institution based in Santa Clara, Calif., catered to nearly half of all U.S. tech startups backed by venture capital.[0] On Thursday, rumblings of a bank run on it began and by Friday it had collapsed, becoming the largest American bank failure since the 2008 financial crisis.[1] Silicon Valley Bank was […]
Continue readingOn Friday, Silicon Valley Bank, a major lender to many of the world’s most powerful tech investors, collapsed and was taken over by federal regulators, becoming the largest US bank to fail since the 2008 global financial crisis. So, what caused the collapse of Silicon Valley Bank and what could it mean for the banking […]
Continue readingInvestors flocked to safe-haven assets this week as the 10-year Treasury yield dropped to 3.48%, its lowest rate since April 2021. This past weekend, the 10-year Treasury yield plunged 29 basis points to 3.69%, and the 2-year yield tumbled 27 basis points to 4.59%. Monday morning, the 10-year Treasury yield was down another 19 basis […]
Continue readingThe collapse of Silicon Valley Bank (SVB) last week has sent shockwaves through financial and tech circles, creating the second-largest bank failure in US history. SVB was a publicly traded bank based in Santa Clara, California and was considered one of Silicon Valley’s most important banks, servicing over half of all venture-backed startups in the […]
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