អត្ថបទនេះត្រូវបានបង្ហាញជាលើកដំបូងនៅក្នុងការសង្ខេបពេលព្រឹក។ ទទួលបានការសង្ខេបពេលព្រឹកដែលផ្ញើដោយផ្ទាល់ទៅប្រអប់ទទួលរបស់អ្នករៀងរាល់ថ្ងៃចន្ទដល់សុក្រត្រឹមម៉ោង ៦ ៈ ៣០ ព្រឹកនិងអិល។ ជាវប្រចាំ
Friday March, 10, 2023
ព្រឹត្តិបត្រព័ត៌មានថ្ងៃនេះដោយ មីលអ៊ែដឡែន, ប្រធានផ្នែកព័ត៌មាននៅ Yahoo Finance ។ តាមគាត់នៅលើ Twitter @មីលឌូដាល់ និងនៅលើ LinkedIn. អាននេះ និងព័ត៌មានទីផ្សារជាច្រើនទៀតនៅពេលធ្វើដំណើរ កម្មវិធីហិរញ្ញវត្ថុ Yahoo.
For the last year, the Federal Reserve has tried to accomplish one goal, using one tool — lower inflation by raising interest rates.
The result has been benchmark interest rates rising by 4.5% in a year and headline inflation falling from a peak of 9.1% in June to 6.4% as of January. As Fed Chair Jerome Powell reiterated in testimony on Capitol Hill this week, there is still work to be done for the Fed to achieve its goal.
But over the last week, acute challenges at two banks have surfaced another issue now facing the Powell Fed. And that is the stability of the financial system.
On Wednesday, Silvergate Capital (SI), which had become one of the crypto industry’s biggest banking partners, announced it will liquidate and wind down operations after suffering significant deposit outflows from its digital asset clients.
That same day, Silicon Valley Bank (SIVB), the preferred banking partner of the venture and startup worlds, បានប្រកាស it would take a $1.8 billion loss while liquidating its entire short-term securities book and raising $2.25 billion fresh capital.
នៅក្នុង លិខិតទៅវិនិយោគិន, CEO Greg Becker assured investors the bank had “ample liquidity,” and said it took these actions “because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients as they invest in their businesses.”
The Information reported Thursday afternoon that Becker told investors on a call, “I would ask everyone to stay calm and to support us just like we supported you during the challenging times.”
Few statements have a tougher audience than investors being told to remain calm in times of market stress.
On Thursday, U.S. stocks got crushed during a steady, relentless sell-off that centered on the financial sector. Regional banks were hammered. Big banks were hammered. S&P 500 បានធ្លាក់ចុះ 1.8%. Bitcoin fell 7%.
The challenge for Powell, however, is that some of the stress facing Silicon Valley Bank has been induced by the Fed’s actions to fight inflation. And the fear is they may not be alone.
In the simplest terms, Silicon Valley Bank took a nearly $2 billion hit selling bonds at a loss to buy different bonds that offer a higher yield. The firm’s latest annual report showed the bank owned about $14 billion in Treasury securities with an average maturity between one and five years. Today, one-year Treasury bills yield 5.25%.
One day’s drop in the stock market, of course, is not cause for concern about the financial system. Even the liquidation of one bank and deep investor concerns about another need not constitute a Fed-level worry about the U.S. banking system.
But these moves serve as reminders that while the central bank’s role in raising or lowering interest rates has become the focal point of investor attention over the last decade, the Fed also serves the central role in stabilizing markets and quelling investor fears during uncertain moments like the present.
Almost exactly three years ago, Powell held an emergency Sunday night call on March 15, 2020, to announce a series of measures aimed at supporting the economy as the pandemic rapidly shut down global business.
On that call, Powell reminded the assembled press, “[That] central banks were originally designed to …provide liquidity to financial systems in stress, so we take that job very seriously. It’s probably the most important thing we’re doing now is that.”
Rising anxiety in the banking system as the ripples from a crypto collapse in 2022 and the icing over of a red hot venture market pale in comparison to the financial emergency the Fed faced three years ago. But their actions then were a reminder of the central bank’s power, and, indeed, its centrality to financial markets.
When the February jobs report is released Friday morning, investors will pore over the data to decipher whether a 0.25% or 0.50% rate hike from the Fed is likely warranted on March 22.
This is the moment markets have been building towards for weeks.
But the unforeseen stress now being injected into the banking system makes Friday and the days ahead notable for the Fed in an entirely different manner.
That presents to Jay Powell another wrinkle in the challenge of trying to bring order to an economy that busted and boomed in a few short months.
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Source: https://finance.yahoo.com/news/jay-powell-now-has-another-problem-morning-brief-103100176.html