after banking shares saw sharp falls on monday. the sell off continued in asia with japan s largest banks also seeing heavy losses. shares of mufg, miz uho and smfg were all down around 8% in trading. the nikkei exchange was down over 2% overall. here in europe, we ve seen credit suisse drop another 5% in early trading. on monday, major us banks lost around %90 billion in stock market value, bringing their loss since svb s collapse to nearly $190 billion. many are now speculating the federal reserve will pause its plans to keep raising interest rates, designed to tame inflation. we re nowjoined by greg swenson, who s an international investment banker, founding partner at brigg macadam. talk to me about the perception of rate rises being not only part of the cause of this but also now the federal reserve having a rethink about what it does for the cost of borrowing given what we have seen in the banking sector. great borrowing given what we have seen in the banking sector. t
of how much work is still left to do, what we are seeing from the data is that the composition, where the inflation is coming from, is shifting a bit. there is less inflation pressure from good but the cost of housing and renting, shelter, that remains very high, and thatis shelter, that remains very high, and that is an issue for the federal reserve. pressure from goods. mark zuckerberg, the boss of meta, called it a year of efficiency and he would like to cut 10,000 jobs. he: was reflecting back on what has been happening to revenue at the company, calling the cratering of revenue a humbling experience, as he announced the new year of efficiency, 10,000 jobs cut, on top of a huge cut they announced last november. roughly the same size. what they have stated that they will cut first from the recruiting and then he will see tech jobs go in april and then in may you