Happy Saturday readers. I'm Phil Rosen. "Happy" is used loosely here, as the past week has been defined by chaos and uncertainty across the banking system.
This week felt like the longest month ever. Phil Rosen here — who knew you could age so precipitously in so few calendar days?
Can you believe it's only Thursday? Phil Rosen here. The sheer volume of financial news this week is enough to fill a very thick book — but if it's okay with you, today we'll keep it to a single newsletter.
One thing I'm thinking about this morning: Elon Musk said he sees similarities between the Silicon Valley Bank collapse and the 1929 Wall Street crash.
Howdy team. Senior reporter Phil Rosen here.
Everyday now we've been talking about Silicon Valley Bank — SVB — and I've had to catch myself several times from saying SBF — Sam Bankman-Fried — the guy behind the other big financial collapse in recent months.
Good morning. I'm senior reporter Phil Rosen.
As regional bank stocks tanked yesterday, contagion remains top of mind, and commentators are warning of more risks to the financial sector.
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.
Gooood morning readers! I'm Phil Rosen. On tap today we've got a great interview with a top real estate economist and this week's best markets stories, including updates on the Silicon Valley Bank meltdown.
Before we get to that — who do you think I should speak to next?
Good morning readers. Phil Rosen here. It's jobs day today.
If the reading comes in too hot, the Fed's going to have even more ammunition to push interest rates higher in the coming months — and every move higher tightens the screws on the economy even more, ramping up risk of a recession.
Good morning. I'm Phil Rosen, writing to you just blocks away from the Federal Reserve building in Manhattan.
Yesterday on Capitol Hill, Jerome Powell reiterated his warning that the Fed's more than ready to keep jacking up rates if necessary.
Inflation hasn't gone away as easily as policymakers want, and Powell thinks that may just warrant a steeper policy path.
He did make clear, however, that nothing yet is set in stone (traders have doubled the expected odds of a half-point hike at this month's meeting).
Hello, readers. I'm senior reporter Phil Rosen, writer of Insider's markets newsletter 10 Things Before the Opening Bell.
If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot.
Here's how Powell put it: