US Treasury Secretary issued another warning, the US Department of the Treasury may run out of cash by June 1st.
On May 15th, local time, US Treasury Secretary Janet Yellen warned again that unless the US Congress raises or suspends the federal debt limit, the US Department of the Treasury may run out of cash as early as June 1st.
On May 15th, US House Speaker Kevin McCarthy stated that there is very little progress in negotiations to avoid a historic US default. US President Biden announced plans to meet with congressional leaders on the 16th.
Finally pausing the rate hike? Some Fed officials revealed that the May meeting was a dilemma.
On Monday, May 15th, Chicago Fed President Austan Goolsbee stated that the Fed's intensive rate hikes have not fully taken effect, and policymakers need to be cautious when evaluating the next steps.
Goolsbee told the media that in the past year, the Fed has raised interest rates by 500 basis points accumulated, and the effects of this series of monetary tightening policies have not fully materialized. He added that it is too early to discuss what the bank should do at its June meeting.
In its May policy statement, the committee stated that when considering future monetary policy, it will focus on the cumulative effects of monetary tightening, the lag effects on the economy and inflation, and the subsequent development of economic and financial events. This statement is seen by the market as a signal to pause the rate hike.
In addition, Richmond Fed President Barkin stated that financial stability does not currently pose an obstacle to potential rate hikes to combat inflation. Minneapolis Fed President Kashkari believes that inflation is too high, but it is decreasing, and the Fed still has a lot of work to do. Atlanta Fed President Bostic stated that a rate cut this year is not his base expectation, and it is more likely that the Fed will lean toward pausing the rate hike.
"Zero balance in the account."Bank of AmericaAnother explosive news in the business. Unexpectedly,
Bank of AmericaThe Asian depositors are the most affected in the business crisis. According to the Wall Street Journal, the funds of depositors at Silicon Valley Bank (SVB) in the Cayman Islands branch have been seized by the Federal Deposit Insurance Corporation (FDIC) in the USA. Institutional depositors have stated that their bank statements show a zero balance in their accounts at Silicon Valley Bank. SVB had previously stated that it established the offshore branch primarily to support its activities in Asia.
However, for American depositors, their experience is completely different from the customers of SVB's Cayman Islands branch. After the FDIC officially took over SVB, its American depositors quickly received the protection of deposit insurance. A spokesperson for the FDIC stated that according to the Federal Deposit Insurance Act in the USA, only domestic deposits in the country are eligible for protection.
Macdonell J : A very concise and informative excerpt of recent financial market.
Peter YCS : Without the rise in the US stock market , Hong Kong's Hang Seng Index died unsightly
YTHP Peter YCS : Technology stocks rose across the board today
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