Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks further on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook.
A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Federal Reserve will be reluctant to hike next week. With investors fearing additional failures, major U.S. banks lost around $90 billion in stock market value on Monday, bringing their loss over the past three trading sessions to nearly $190 billion.
Biden said his administration's actions meant"Americans can have confidence that the banking system is safe," while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis.SVB, Signature Bank are first bank failures since 2020 SVB, Signature Bank are first bank failures since 2020,SVB's customers will have access to all their deposits from Monday and regulators set up a new facility to give banks access to emergency funds.
Regulators also moved swiftly to close New York's Signature Bank, which had come under pressure in recent days.
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