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• ☕️What Else is Brewing Monday Morning
  Wyoming became the first state to ban the use of pills for an ...
  Wyoming became the first state to ban the use of pills for an abortion.
  
  Vladimir Putin visited the Russian-occupied Ukrainian city of Mariupol in his first visit to a territory he illegally annexed after invading Ukraine.
  
  Miami Beach imposed a curfew after two fatal shootings occurred during spring break.
  
  It’s been 20 years since the US invaded Iraq.
  
  The Taliban is cracking down on nepo babies in government positions.
  
  
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• A high-stakes Fed meeting this week
  While many Fed meetings are ho-hum, the one on Wednesday will pack the drama of a prime-time Oprah interview....
  While many Fed meetings are ho-hum, the one on Wednesday will pack the drama of a prime-time Oprah interview. The central bank’s plan to continue raising interest rates has been upended by the banking turmoil, and experts now say there’s a chance the Fed will pause its rate hikes to shield the banking sector from further chaos.
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• Could the insured deposit cap get a lift?
  At least four US lawmakers—two from each side of the aisle—said they would support ...
  At least four US lawmakers—two from each side of the aisle—said they would support raising the cap on FDIC-insured deposits in order to reassure frazzled bank customers that their deposits are safe. The current cap is $250,000 (up from $100k pre-financial crisis), but Democratic Sen. Elizabeth Warren said bumping it up “is a good move.” Opponents of raising the cap say it would only increase risk-taking and bad behavior by banks. Some even argue we should lower it.
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• UBS Agrees to Buy Rival Credit Suisse
  UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a...
  UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a hastily arranged deal meant to shore up the global financial sector after a week of turmoil.
  
  To help support UBS, the Swiss National Bank agreed to lend up to 100 billion Swiss francs, or $108.8 billion. And Finma, the Swiss financial regulator, said it would temporarily suspend some regulations to help UBS digest its chief competitor.
  
  UBS is expected to pay just a fraction of the roughly 8.8 billion Swiss francs, or $9.5 billion, that Credit Suisse was valued at on Friday, these people said. They cautioned that the terms are still being negotiated last minute and talks may still fall apart.
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• Before Collapse of Silicon Valley Bank, the Fed Spotted Big Problems
   Silicon Valley Bank’s risky practices were on the Federal Reserve’s...

   Silicon Valley Bank’s risky practices were on the Federal Reserve’s radar for more than a year — an awareness that proved insufficient to stop the bank’s demise. The Fed repeatedly warned the bank that it had problems, according to a person familiar with the matter.

  
  

  In 2021, a Fed review of the growing bank found serious weaknesses in how it was handling key risks. Supervisors at the Federal Reserve Bank of San Francisco, which oversaw Silicon Valley Bank, issued six citations. Those warnings, known as “matters requiring attention” and “matters requiring immediate attention,” flagged that the firm was doing a bad job of ensuring that it would have enough easy-to-tap cash on hand in the event of trouble.

  
  Source: NYT - Read MORE
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