Yellen testifies banks remain sound amid global turmoil
Treasury Secretary Janet Yellen tells Congress the U S banking system remains sound and deposits are safe. The testimony comes as Silicon Valley Bank Signature Bank and First Republic face turmoil with European lenders seeking rescue packages and Credit Suisse securing a Swiss central bank loan. Wall Street rallies on the news, while Republican critics blame the administration's policy agenda for high inflation and higher rates.
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Banks forge 30B rescue for First Republic to avert crisis
Eleven top U S banks unveil a 30 billion rescue package for First Republic Bank to halt a broader crisis after Silicon Valley Bank and Signature Bank failures. The deal places 30 billion in uninsured deposits and 5 billion from each of JPMorgan Chase Bank of America Citigroup Wells Fargo plus 2 5 billion from Morgan Stanley Goldman Sachs with others contributing. The move aimed to restore confidence amid heavy withdrawals and concerns about uninsured deposits and systemic risk.
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Banks rally as 11 big lenders back First Republic
Stocks rose after 11 major banks deposit a combined 30 billion into First Republic Bank, boosting the S&P 500 1.8 percent and lifting the Dow 371 points. European shares gained as ECB signaled higher rates while Credit Suisse pledged up to 50 billion francs from the SNB amid bank sector jitters.
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Mortgage rates slip to 6.60 percent as buyers return
Freddie Mac reports the 30-year fixed mortgage averaged 6.60 percent this week, down from 6.73 percent last week. The rate a year ago stood at 4.16 percent, while the prior peak reached 7.08 percent amid Fed rate hikes.
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