Fed quietly issues warnings to regional banks
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 31 August 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb
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Show Notes
Charts favor three heavily-shorted REITs - BTIG
Discounter pain: Dollar General peels off 14% after guidance cut; Dollar Tree and Five Below also fall
Palantir dips after Morgan Stanley cuts rating
Transcript
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| 0:00.0 | Welcome to Seeking Office Wall Street Lunch. |
| 0:04.0 | Our afternoon update on today's market action, news, and analysis. |
| 0:10.0 | Good afternoon. Today is Thursday, August 31st, and I'm your host, Kim Khan. |
| 0:14.7 | Our top story so far. |
| 0:16.4 | The Federal Reserves issued numerous private warnings to banks with assets of $100 billion |
| 0:21.1 | to $250 billion, including $5 including Fifth Third, M&T Bank, and Citizens Financial Group. |
| 0:27.5 | The Fed is telling the regional lenders to strengthen their liquidity planning as it starts |
| 0:31.2 | to tighten supervision in the months that follow the failures of three banks this spring. |
| 0:35.0 | Bloomberg first reported the story citing people familiar with the matter. |
| 0:39.0 | The warnings have addressed a wide range of issues including capital, liquidity, compliance, and technology. |
| 0:45.0 | Earlier this year, Fed Vice Chair for Supervision Michael Barr said following Silicon Valley Bank's failure, |
| 0:51.0 | we must strengthen the Federal Reserve's supervision and regulation |
| 0:54.3 | based on what we have learned. While the Central Banks that S. V.S. management failed to manage risks, |
| 0:59.5 | it also said the regulator itself failed to take sufficient steps to get |
| 1:03.0 | S. V. to act quickly enough on issues it identified. |
| 1:06.0 | In today's trading, stock market bulls are aiming for their best |
| 1:10.0 | streaks since June. The S&P is up a little less than half a percent in |
| 1:13.9 | choppy trading. If it closes in the green it will notch five straight |
| 1:17.5 | winning days. The NASDAQ is up more than half a percent and the Dow is up |
| 1:21.5 | about 0.3 percent. Futures got a boost when Challenger reported that layoffs in August |
| 1:26.4 | more than tripled to above 75,000. That's back to June levels and jived with softer |
| 1:31.6 | ADP and jolts figures, but weekly jobless claims fell to 228,000, below |
... |
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