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SVB
US stock futures jumped Monday after the Biden administration said it would backstop Silicon Valley Bank's customers.
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What a weekend that was, reader. 

By now, you've probably heard a lot about the sudden, bank run-driven collapse of Silicon Valley Bank, one of the tech industry's most stalwart and trusted institutions. There's a lot to catch up on, so buckle up. 

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Phew. Hey there. Senior reporter Phil Rosen here. Before we jump into the newsletter, the Silicon Valley Bank saga is continuing to unfold, so let's quickly break down the latest.

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Federal Reserve Board Chairman Jerome Powell
Goldman Sachs says it doesn't expect a Fed interest rate hike in March after Silicon Valley Bank's implosion.
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Federal Reserve Board Chairman Jerome Powell
Goldman Sachs says it doesn't expect a Fed interest rate hike in March after Silicon Valley Bank's implosion.
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Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.
Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.
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Rep. James Comer of Kentucky
Rep. James Comer, R-Ky., speaks during a hearing on Texas voting rights in Washington, DC, on July 29, 2021.
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Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse.
Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse.