Banking crisis complicates interest rate decisions
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 22 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
The IMF has struck a deal with Ukraine to provide a $15.6bn loan, some former central bankers say pausing rate increases because of the banking sector turmoil would be a mistake, shares of First Republic Bank rallied after US Treasury secretary Janet Yellen said the government stood ready to provide further support for smaller lenders, and China's leader Xi Jinping has backed Russian president Vladimir Putin’s stance on his war in Ukraine but refrained from endorsing his statements about a planned gas pipeline.
Mentioned in this podcast:
Ukraine clinches $15.6bn IMF loan
Former officials split on what central banks should do next
Janet Yellen says US prepared to give more support to banks
Xi Jinping backs Vladimir Putin on Ukraine but holds out on Russian gas pipeline
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.2 | Good morning from the Financial Times. |
| 0:11.7 | Today is Wednesday, March 22nd, and this is your FT News Briefing. |
| 0:18.6 | The International Monetary Fund has struck a deal with Ukraine. |
| 0:22.1 | The Federal Reserve could pump the brakes on interest rate rises and shares in the troubled |
| 0:27.7 | first Republic Bank rallied yesterday. Plus, Xi Jinping met with Vladimir Putin. |
| 0:33.4 | The FT's Max Sedan says she was being a bit non-committal about a key gas pipeline. |
| 0:39.8 | China can track the South as long as they want until they've extracted the absolutely most |
| 0:45.2 | favorable conditions to them from Russia. Possible. |
| 0:48.6 | A Mark Filipino, and here's the news you need to start your day. |
| 0:59.8 | Ukraine will get a $15.5 billion loan, thanks to a deal with the IMF. |
| 1:05.5 | The International Monetary Fund announced it yesterday, and it said the first year to 18 months |
| 1:11.1 | of the loan program will be devoted to, quote, fiscal external, price, and financial stability. |
| 1:16.9 | It'll focus on increasing tax collection and put more reliance on domestic debt markets instead |
| 1:22.2 | of monetary financing. The second phase of the IMF deal will last four years. |
| 1:27.0 | It'll focus on recovery and early reconstruction, as Ukraine tries to become part of the European |
| 1:32.7 | Union. The IMF still needs to approve the deal, which is expected to happen in the next few weeks. |
| 1:38.5 | The Federal Reserve is coming out with an interest rate decision today, and there's |
| 1:48.3 | chatter that the Fed might leave interest rates unchanged. Now, if that happens, |
| 1:53.3 | it would be a huge shift from the approach the central bank has taken over the past year, |
| 1:58.0 | and former central bankers are divided on whether an interest rate pause is the right call. |
... |
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