US Fed delivers small rate hike amid global banking turmoil

, the director of the White House’s National Economic Council, during the executive’s planned trip to Washington, according to a person familiar with the situation.The latest move to restore calm to restive regional bank stocks came as Pacific Western Bank, one of the regional lenders caught up in the market volatility, said it had raised $1.4 billion from investment firm Atlas SP Partners.

But less than two weeks after SVB sank under the weight of bond-related losses due to surging interest rates, the CEO of hedge fund Man Group, Luke Ellis, said the turmoil was not over and predicted further bank failures.

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