Earlier on Thursday, the Swiss National Bank raised its benchmark interest rate by 50 basis points and said Credit Suisse's takeover by its Swiss rival UBSSwiss authorities had urged the banks to come together and offered financial guarantees worth up to 260 billion Swiss francs to get the deal done.
"The European banking sector's fundamentals look healthy. But the ongoing confidence crisis could limit banks' risk appetite and reduce the flow of credit," Citigroup equity strategists said.The rescue of Credit Suisse ignited broader concerns about investors' exposure to a fragile banking sector. The decision to prioritise shareholders over Additional Tier 1 bondholders rattled the $275 billion AT1 bond market and some Credit Suisse AT1 bondholders were seeking legal advice.
The FED has used rate hikes to discipline outlier entrepreneurs-disruptors, punish wage earners for meger rise in entry level wages to manage their expectations, & to facilitate increases in rate of wealth transfer-concentration into selected hands, for decades. Their Trifecta.
We should have never let them in here in the first place. All they do is manipulate.
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