All SVB depositors — even the roughly 90% held in accounts above the Federal Deposit Insurance Corporation's $250,000 limit on insurance — will have access to their money this morning.
the Federal Reserve announced a new program aimed at making it easier and more attractive for banks to borrow against assets like Treasury bonds if they find themselves under pressure to come up with cash.
That way banks wouldn't have to sell those bonds, many of which have declined in value as interest rates rose. That's whatThe Biden administration is keen that yesterday evening's announcement about deposits not be seen as a "bailout," one of the more toxic concepts to the American electorate."The banks, equity and bondholders are being wiped out.
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