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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsWASHINGTON - Around 5% of banks globally are vulnerable to stress if central bank interest rates remain higher for longer, despite the easing of turmoil in the sector in recent months, the International Monetary Fund said on Tuesday.
"There's a weak tail of banks in many countries," Tobias Adrian, director of the IMF's Monetary and Capital Markets Department, said in an interview conducted last week prior to the attacks by Palestinian Islamist group Hamas on Israel and retaliatory air strikes on the Gaza Strip. The IMF did not identify the banks that could be in trouble if those economic circumstances arose, but they included both small and large lenders.
The report was issued as global financial leaders gathered in Marrakech, Morocco, for the IMF and World Bank annual meetings.The U.S. Federal Reserve's interest rate hikes in 2022 and 2023 led to heavy losses on the government bond portfolios held by regional U.S. banks, which in turn spooked depositors and led to a string of failures in March and early May of this year.
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