Fed to hold emergency meeting on Monday amid SVB’s swift collapse
The Federal Reserve Board of Governors announced that it will hold an emergency closed-door meeting under expedited procedures at 11:30 a.m. on March 13, 2023.
Matters to be considered at the emergency meeting will be: “Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.”
It is likely that the sudden collapse and FDIC seizure of SVB Financial Group (SIVB) on Friday is driving the expedited Fed meeting.
SVB was the largest bank failure since the 2008 financial crisis. Its collapse has sent shockwaves throughout the banking system. The status of billions of dollars of uninsured deposits is unknown heading into Monday.
By StreetInsider.com Staff