downgrading the outlook for entire banking sector warning of rapid deterioration, my exclusive interview with a senior chairman and former ceo of goldman sachs is next. a russian fighter jet forces an american drone to crash into the black sea, fears growing of escalation as the battle in bakhmut intensifies further, a ukrainian soldier on the front lines is my guest the tonight. and ron desantis does a complete 180, florida governor says backing ukraine is not in america s best interest. it is the opposite of what he said when he was in congress. you will hear for yourself what the kfile found. let s go out front. good evening, i m erin burnett. out front, rapid deterioration those are the words used by the bond credit rating king moody, how they re describing the bank sector in the united states downgrading outlook from american banks to negative. warning of sharply rising deposit costs and go on to say, quote, pressures will persist and be exacerbated by more increases
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quote, pressures will persist and be exacerbated by more increases in interest rates. and here s the thing, moody views matter. they re rating impact the prices that banks pay to do business. the price of loans. and moody is sounding the alarm after bank failures began with silicon valley bank something that the chair of the banking committee said today requires more government action. we clearly need stronger capitol standards, we clearly need stronger liquidity standards, clearly need to do the strength and the stress test. and the stress is still rising. the fed is preparing to possibly raise interest rates again next week. and the aggressive hikes we ve seen the past months have come at a pace that we have not seen in american history in 40 years. and that increase in interest rates we re at the heart of silicon valley bank s problems, as economic analyst school system bianca company pointed