Good morning, team. I'm Phil Rosen. If you missed it Monday, regulators seized First Republic Bank and JPMorgan took over the majority of its assets.
Shares crashed almost 50% as markets opened and investors took in the news of the second-biggest bank failure in US history — and now all 84 First Republic offices reopened as JPMorgan branches.
The tumult kicks off a key week of economic data, with the Fed meeting starting today and many strategists expecting a 25 basis-point rate hike tomorrow.
On Friday we'll get the April jobs report.