FOX Business' Stuart Varney discussed how President Biden might handle the U.S. banking crisis as the stock market tumbles and bank worries spread to Europe.
, saw its stock price tumble more than 20% after the Saudis said, "you're not getting any more money from us." Immediately, the other big European banks tumbled. Then, around 6 a.m. eastern, Larry Fink, the powerful chair of BlackRock, issued a dire warning. He said inflation is going to stick around at the 3 to 4% level for a period of years. And he said there's going to be more trouble for banks that invested in long-term bonds and are underwater on those investments.
So again, within a day, the financial landscape has shifted, and as it shifts, so does the betting on the Federal Reserve. and how can they not raise rates when inflation is still at a high level?
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