WASHINGTON, March 19 — US central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector...
WASHINGTON, March 19 — US central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector turmoil after Silicon Valley Bank’s rapid collapse.
A catalyst for the demise of Silicon Valley Bank was the Fed’s quick shift from near-zero interest rates to steep hikes, a reversal that swiftly lowered the value of SVB’s holdings linked to long-term US Treasury bonds. The failure of the California high-tech lender on March 10, and the collapse of New York’s Signature Bank a few days later, sparked a rout in regional banking stocks and led many analysts to conclude that the Fed will abandon an anticipated increase in the pace of hikes.
“We think recent events have changed the debate,” he wrote in a note to clients. “We think the debate is now between a 25 rate hike in March, or none at all.”Data for February shows that some corners of the American economy are now beginning to contract — which eases pressure on the Fed — while the consumer price index measure of inflation slowed slightly to an annual rate of 6.0 per cent.
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