A busy week in the Financial word. Check out the latest.
- Silicon Valley Bank and Signature Bank collapse elicits unprecedented response by Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, fully insuring all depositor funds at the two banks beyond the $250K limit. These and additional measures were taken to reduce contagion from the event and discourage additional bank runs.
- February CPI report reveals headline inflation rose 0.4% month over month and 6.0% year over year. This is a slowdown from January’s report but confirms that inflation remains sticky. Results were in line with economist expectations.
- Pfizer (PFE) agrees to acquire cancer biotech leader SeaGen (SGEN) in all cash deal valued $43B. Pfizer is betting on SeaGen’s ability to deliver up to $10B in revenue by 2030.
- Mortgage rates decline for the first time in five weeks off the heels of Silicon Valley Bank collapse and bond market reaction. Mortgage applications jump to highest level since beginning of February 2023 as a result.
- Credit Suisse acquired by UBS for $3.2B. Swiss National Bank offers $108B loan and other guarantees to facilitate smooth deal execution for UBS.
- Total amount of bets on March Madness basketball tournament projected to be the most ever. Increased adoption of legalized sports betting helps fuel boom.
