U.S. stock indexes fell on Monday as the collapse of Silicon Valley bank fanned fears of a contagion with trading halted in several banks, while expectations rose for a pause in interest rate hikes by the Federal Reserve in March.
Regulators over the weekend stepped in to restore investor confidence in the banking system, saying Silicon Valley Bank depositors will have access to their funds on Monday.
“The only positive for the markets I’ve heard come out of this is the belief that it will slow the rise of rates as the Fed seeks to avoid any bigger damage in the financial sector.”
President Joe Biden said that the administration’s swift actions to help depositors in two U.S. banks should give Americans confidence that the banking system is safe.
Primary Source: Financial Post
Factual Confidence: High (Multiple Outlets Reporting)
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