The Official Business Publication of Seton Hall University
The recent collapse of Silicon Valley Bank, one of the top 20 largest American commercial banks, sent shockwaves throughout the banking industry. Trust in the American banking system was shaken across the board, raising questions regarding who was at fault for the collapse. Majority have directed the blame towards two parties: The Federal Reserve, and the executives at SVB.
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On Valentine’s Day, the Fed announced that the current Vice Chair of the Federal Reserve Board, Lael Brainard, would be stepping down from the central bank and heading President Biden’s National Economic Council.
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By the first week of December, Twitter had let go about half of its 7,500-employee workforce… But layoffs in the tech sector have been rampant both before and after the Twitter news. In 2022, 140,000 jobs were slashed from both public and private organizations in the industry.
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Reports from the Federal Deposit Insurance Corporation (FDIC) reports that U.S. Bank Deposits have fallen by $370 Million, one of the largest declines since 2018.
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With inflation steadily increasing due to the numerous issues dealt with in the last two years, investors and consumers show concern as prices continue to rise. Many Fed officials have discussed a strict, aggressive approach to battle these rising costs. But now the long-awaited interest rate hike from the Federal Reserve faces a challenge. The Russian invasion of Ukraine.
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