Welcome back to The Breakdown with me, NLW.

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What's going on, guys? It is Thursday, May 4th, and today we are talking about regional bank turmoil.

The Fed raising rates anyways, but a hawkish pause on the horizon.

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All right, friends, well, you know what day it is. It's FOMC day, or rather FOMC Recap Day for

all of us over here at the breakdown. This week presented Jerome Powell and the Fed another interesting opportunity.

Of course you'll know that on Monday, the FDIC seized First Republic Bank, much beleaguered First

Republic Bank after weeks of speculation of what would happen to them, and immediately moved them

over in a pre-negotiated sale with J.P. Morgan Chase. As of Monday morning, all of First

Republic's locations were opened as branches of J.P. Morgan. Now, and so doing, First Republic

knocked off Silicon Valley Bank as the second biggest bank failure in U.S. history.

And perhaps unsurprisingly, then, other regional banks have seen significant turmoil throughout the week.

So the question was, would Powell acknowledge the banking crisis and the shaky ground it seemed to suggest the economy was on,

or would he plow through with the anticipated hike that the markets had been pricing in?

And then, of course, if he did go through with that hike, would his presser afterwards give

any indication about whether the market was correct in their belief as well that whatever

happened at this meeting, it was the likely end of the tightening cycle.

Nick Carter summed this up, saying, the Fed tomorrow.

The banking crisis is really over this time.

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