The Federal Reserve is on track to raise its benchmark interest rate for the 10th time on Wednesday, the latest step in its yearlong effort to curb inflation.
involved? for them or are they just being good citizens? thanks for having me. jamie dimon on a call this morning said it would be a good deal for the bank. it was a competitive situation. i think the story really is when you look at first republic, what happened is we had an earthquake when silicon valley bank failed in mid march and earthquakes can destabilize other buildings around the epicenter of that quake and that s what happened here to first republic. they lost $100 billion in deposits. that was a cheap source of funding for the bank. they were able to replace that money with more expensive loans from the federal reserve but when they reported earnings last week and made clear the extent of just how much money had gone out the door after the failure of svb, people began to say wait a minute. is this bank really viable? is there a franchise here that makes sense? you just saw the stock tank as
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