Reuters US Business

By Michael S. Derby NEW YORK (Reuters) – Federal Reserve emergency lending to banks, which hit record levels last week, remained high in the latest week amid ongoing anxiety over the state of the financial system, Federal Reserve data released Thursday showed. The Fed reported that discount window borrowing, its main source of emergency credit …

Fed emergency lending to banks boosted overall Fed holdings in latest week Read More »

By Fergal Smith (Reuters) – Canada’s main stock index fell on Thursday to its lowest closing level in nearly a week as the energy and financial sectors lost ground, while shares of Bombardier Inc rallied after the company’s targets for 2025 impressed investors. The Toronto Stock Exchange’s S&P/TSX composite index ended down 72.86 points, or …

TSX hits six-day low as energy, financials fall Read More »

By Lananh Nguyen and Saeed Azhar (Reuters) -Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on …

Citigroup CEO declares ‘this is not a credit crisis’ after U.S. bank failures Read More »

ZURICH (Reuters) -Switzerland’s financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse bondholders on Thursday, saying the decision was legally watertight. On Sunday, Switzerland announced a multi-billion franc rescue of Credit Suisse, which will see it taken over by UBS. As part of that deal the Swiss regulator …

Swiss regulator defends its decision to write off AT1 bonds Read More »

By Chris Prentice and Jonathan Stempel NEW YORK (Reuters) -The U.S. Securities and Exchange Commission on Wednesday sued Chinese cryptocurrency entrepreneur Justin Sun, accusing him and other defendants of illegally selling crypto securities and scheming to artificially inflate trading volume in crypto assets. Beginning around August 2017, Sun and his companies Tron Foundation Limited, BitTorrent …

SEC sues Tron founder Justin Sun, celebrities over crypto sales Read More »

By David Lawder and Rami Ayyub WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen told lawmakers on Wednesday that the Federal Deposit Insurance Corporation (FDIC) was not considering providing “blanket insurance” for banking deposits following the collapse of two prominent U.S. banks this month. Some banking groups have urged Congress to temporarily guarantee all U.S. bank …

US not considering ‘blanket insurance’ for bank deposits, Yellen says Read More »

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said that banks across the United States are worried about contagion and have been shoring up liquidity to protect themselves from runs prompted by the failures of Silicon Valley Bank and Signature Bank. Yellen told a Senate Appropriations subcommittee hearing that over the past two weeks, many …

Yellen says US banks shoring up liquidity to guard against runs Read More »

(Reuters) – Deposit flows in the U.S. banking system have stabilized in the last week after a historic run on deposits at Silicon Valley Bank prompted its collapse and forced finance officials to take emergency actions to shore up the system, Federal Reserve Chair Jerome Powell said on Wednesday. “We took powerful actions with Treasury …

Bank deposits have stabilized in last week, Powell says Read More »

By Michael S. Derby (Reuters) -Federal Reserve Chair Jerome Powell said on Wednesday the sharp reversal of the central bank’s effort to shrink the size of its balance sheet in the wake of the collapse of Silicon Valley Bank does not mean it is using its holdings to provide renewed stimulus to the economy. “The …

Fed’s Powell: Recent balance sheet expansion not tied to monetary policy Read More »