2023 Banking Crisis

The latest on the 2023 banking crisis, which began with the collapse of Silicon Valley Bank, the 16th largest bank in the U.S., on March 10. Rising interest rates sunk the value of long-dated Treasury bond assets the bank was holding, causing it to reach out to investors for more funds. The announcement sent depositors into a frenzy as they rushed to withdraw money. This resulted in the second biggest bank failure in U.S. history. Bank shares have tumbled since while the Federal Reserve, the Treasury and the Federal Deposit Insurance Corporation have worked to deal with the continuing fallout.