First Citizens acquires large chunk of failed Silicon Valley bank

First Citizens Bancshares Inc., FCNCB 1.85% one of the nation’s largest regional banks, is buying big chunks of Silicon Valley Bank more than two weeks after the lender’s meltdown rocked the banking system. The Federal Deposit Insurance Corp. said First Citizens FCNCB 1.85% acquires all deposits, loans and branches of Silicon Valley Bank, which will … Read more

Lululemon, Intel, Carnival, Micron, Walgreens and more stocks to watch this week

Text size US consumer and housing market data, as well as several notable earnings reports, will be the highlights this week. Barring any surprises, congressional testimony from federal financial regulators will be the main event on the banking front. On Wednesday, Fed Vice Chairman Michael Barr and Federal Deposit Insurance Corp. Chairman Martin Gruenberg are … Read more

The Stock Exchange hopes that the worst is over. Experience says no.

Text size As Fed Chairman Jerome Powell acknowledged on Wednesday, the latest rate hike will certainly slow the economy. Al Drago/Bloomberg Never underestimate the ability of the stock market to prioritize hope over experience. Hope would suggest that all will be well: the bank run that began with the collapse of Silicon Valley Bank is … Read more

Preferred shares offer a better way to bet on banks

A normally calm corner of the financial markets – preferred stocks – was rocked by the foreclosures of Silicon Valley Bank and Signature Bank, and that created opportunities for investors. Preferred shares are a senior form of stock whose dividends come before those of common stock. However, bank-issued preferred shares account for about two-thirds of … Read more

Banks are borrowing at financial crisis levels. What this means.

Text size Federal Reserve Chairman Jerome Powell speaks to reporters on Wednesday. Alex Wong/Getty Images Banks continued to borrow from the Federal Reserve at historic levels close to the 2008-2009 financial crisis last week. They borrowed an additional $110.3 billion from the Federal Reserve’s main lending window, down from the previous week’s record $153 billion, … Read more

Tesla Model 3 could lose electric vehicle tax credit, report says. The stock is still rising.

Text size A rear-drive Tesla Model 3 costs around $43,000 to start. Allison Dinner/Getty Images Automakers loved it when the US government rolled out its $7,500 tax credit for people who buy electric vehicles. Now the sector may not be so sure how it feels. Thursday, EV press briefing Electrekciting people familiar with the matter, … Read more

The Fed Oversaw a Transfer of Wealth from Bondholders to Taxpayers

Text size The market value of US Treasury securities has fallen from a peak of 108% in the economy to its current value of 85%, writes David Beckworth. Win McNamee/Getty Images About the Author: David Beckworth is a Senior Fellow at the Mercatus Center at George Mason University and a former international economist at the … Read more

Fed to suspend or raise rates by 25 basis points: the pros and cons of each

The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear. This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research. Fed officials, starting with former Chairman Ben Bernanke, have perfected the art of having the market price in what the central bank will do – … Read more

Here’s What Happens to the IRS After You File Your Taxes

Jonathan Amy, a 74-year-old semi-retired neurologist in McLean, Va., is still awaiting a refund of nearly $10,000 on his 2020 taxes. His accountant electronically filed his extension statement in September 2021 and received a notification of acceptance from the Internal Revenue Service. Finally, last month, Mr. Amy contacted the Taxpayer Advocate Service, an independent watchdog … Read more

First Republic Bank looms large for US regulators after Credit Suisse sale

US policymakers watched with suspicion the hasty rescue of Credit Suisse CS -6.94% Group AG this weekend, hoping that its takeover by UBS Group HER stem a fall in financial stocks triggered by the recent failure of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve … Read more