Two top former US economic policymakers sharply criticized the Federal Reserve’s 2022 stress tests of banks for failing to have probed potential vulnerabilities in the banking system to a sharp rise in interest rates.
As millions seek out prime locations to catch a glimpse of Japan’s famed cherry blossoms, or sakura, their enjoyment hinges on one of the most unusual forecasts in the world.
Treasury Secretary Janet Yellen told US lawmakers that regulators would be prepared for further steps to protect the banking system if warranted, a day after her remarks on nationwide deposit insurance rattled markets.
European Union leaders approved plans to send Ukraine one million rounds of ammunition within 12 months during their meeting in Brussels. Four MiG-29 fighter jets have been transferred to Kyiv from Slovakia, of a total of 13 to be donated by the EU nation.
French unions held more strikes against President Emmanuel Macron’s reform of the country’s pension system on Thursday, a day after he went on television to insist he won’t back down and likened protesters to the rebels who stormed the US Capitol.
Banks reduced their borrowings only slightly from two Federal Reserve backstop facilities in the most recent week, a sign that institutions are taking advantage of the central bank’s liquidity in the wake of turmoil.
Short seller Carson Block said depositors at Silicon Valley Bank and Signature Bank should have taken haircuts after federal regulators seized the troubled lenders.
The stock market shrugged off losses, with traders piling into some of the world’s largest technology companies that are seen by many on Wall Street as a kind of shelter in times of stress and economic uncertainties.
Bank of America Corp.’s co-head of global financial sponsors Kevin Sherlock has resigned to be head of leveraged finance and private capital at Bank of Montreal, according to people with knowledge of the matter.
Walt Disney Co. reached a tentative labor agreement with union employees at its Florida theme parks, guaranteeing janitors, ride operators and food-service staff minimum pay of $18 an hour.
