CAMBRIDGE Reacting to Silicon Valley Bank’s sudden collapse, André Esteves, a senior Brazilian banking executive, recently told Bloomberg that “SVB’s interest rate risk would’ve been obvious to any banking intern in Latin America”. To some, this remark will sound rather rich coming from a region that has had no shortage of banking-sector problems. Nonetheless, Esteves’s
The current Fed may be remembered not for taming inflation, or even letting it out of the bag. It may have its own ignominious special place in history.
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