New York Community Bancorp Inc. surged by a record Monday, leading a rally in regional bank stocks, after the lender was upgraded by at least two analysts following its agreement to take over Signature Bank’s deposits and some of its loans.
A question has arisen amid all the bank failures. How, with the bond market enduring its worst spasm of volatility in almost four decades, have benchmark-level stocks managed to glide along, oases of calm?
The Federal Home Loan Bank System issued $304 billion in debt last week, according to a person familiar with the matter, who asked not to be identified discussing non-public data. That’s almost double the $165 billion that liquidity-hungry lenders tapped from the Federal Reserve.
Bank failures, market turmoil and ongoing economic uncertainty as central banks battle high inflation have increased the chances of a “Minsky moment,” according to JPMorgan Chase & Co.’s Marko Kolanovic.
Turkey’s governing party said former economy czar Mehmet Simsek wants to stay out of politics but may be able to contribute to government policies in the future.
JPMorgan Chase & Co. owned the London Metal Exchange nickel contracts that turned out to be backed by bags of stones rather than metal, according to people familiar with the matter.
Senator Bernie Sanders said he plans to introduce a measure that would prevent big-bank executives from serving on the boards of the regional Federal Reserve banks that oversee them.
Risky Credit Suisse Group AG bonds that are set to be written down to zero by regulators were being quoted at prices of a few cents on the dollar on Monday, according to people with knowledge of the matter.
Oil hovered around 15-month lows as a favored spread for hedge funds to trade plunged with banking turmoil shaking confidence across markets.
Silicon Valley Bank’s collapse and the ensuing market chaos could have been mitigated if its last-gasp $1.3 billion stock offering had been more fully negotiated in secret, dealmakers say.
