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Wall Street Today | Yellen Says US Not Considering 'Blanket' Bank Deposit Insurance

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Moomoo Recap US wrote a column · Mar 22, 2023 19:56
Wall Street Today | Yellen Says US Not Considering 'Blanket' Bank Deposit Insurance
MACRO
Powell Stresses Commitment to Cooling Prices as Fed Hikes Rates
The Fed raised interest rates at a ninth straight meeting and indicated there may be more hikes to come in a clear sign it's confident that its bid to quell inflation won't deepen a nascent banking crisis. The Federal Open Market Committee voted unanimously to increase its target for the federal funds rate by a quarter percentage point to a range of 4.75% to 5%.
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Yellen Says US Not Considering 'Blanket' Bank Deposit Insurance
Treasury Secretary Janet Yellen said regulators aren't looking to provide "blanket" deposit insurance to stabilize the US banking system without working with lawmakers, and that the heads of recently failed American lender should be held accountable.
>>Read more
SECTORS
Commodity Traders Warn Mega Profits Probably Won't Be Repeated
Top commodity traders have been reporting record profits for last year after cashing in on the fallout from Russia's war in Ukraine and the global energy crisis. Now they're starting to warn the blockbuster numbers probably won't be repeated.
COMPANY
Coinbase Stock Slides 14% As SEC Warns of Potential Charges
$Coinbase(COIN.US)$ on Wednesday said the Securities and Exchange Commission has sent the company a "Wells Notice," warning that the agency's staff had made a preliminary determination to recommend an enforcement action against the company.
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Nvidia Is Less Than $10 Billion Away From Passing Berkshire as Market's 5th Largest Stock
$NVIDIA(NVDA.US)$'s latest rally has the stock less than $10 billion away from passing Berkshire Hathaway to become the fifth largest by market capitalization. At that point Nvidia stock had fallen 62% from the start of 2022 through its low on Oct. 14, leaving it with a market cap of just $279.6 billion. $Berkshire Hathaway-B(BRK.B.US)$ dropped 12% through its own low on Oct. 12, when it was valued at $588.5 billion.
>>Read more
Virgin Orbit Raising $200 Million from Investor Matthew Brown, Closing Deal As Soon As Thursday
$Virgin Orbit(VORB.US)$ is in final talks to raise funds from Texas-based investor Matthew Brown, two people familiar with the deal told CNBC, amounting to an injection of $200 million.
Indeed to Lay Off 2,200 Employees, 15% of Workforce
Internet job-search platform Indeed on Wednesday said it expects to lay off about 2,200 employees, or 15% of its workforce. It is the latest company to plan for a reduced head count as economic uncertainty ripples across sectors.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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