The Fed’s SVB balancing act
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
The world’s largest private investment firms are exploring the purchase of loans from the remains of Silicon Valley Bank, the Federal Reserve is caught between high inflation and financial instability, and US regulators are facing questions over whether they missed signs of mounting problems at SVB. Plus, Australia, the US and the UK announced details of a long-term plan to supply Australia with nuclear-powered submarines.
Mentioned in this podcast:
Buyout titans weigh purchases from Silicon Valley Bank loan book
US consumer prices rise 6% at tricky time for Fed amid SVB fallout
Regulators face questions over missed warning signs at Silicon Valley Bank
Aukus defence pact’s political pay-off will be a jobs bonanza
Silicon Valley Bank Webinar: Register Here
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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.
Read a transcript of this episode on FT.com
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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 |
| 0:10.4 | Good morning from the Financial Times. |
| 0:12.4 | Today is Wednesday, March 15th, and this is your FT News Briefing. |
| 0:18.9 | Silicon Valley Bank is up for grabs and private equity is circling. |
| 0:23.6 | Bank regulators are in the hot seat for missing red flags, |
| 0:27.7 | and the SBB turmoil is complicating the federal reserve's fight against inflation. |
| 0:33.5 | What the Fed is grappling with here is not only a fragile financial system, |
| 0:39.6 | but also a extremely hot economy. |
| 0:43.6 | Plus, a pact between the UK, Australia, and the US could mean lots of investment in those countries' |
| 0:49.8 | defense industries. I'm Sonya Hudson in for Mark Filipino, and here's the news you need to start your day. |
| 0:57.7 | US regulators in charge of the failed Silicon Valley Bank are looking to sell off some of its loans. |
| 1:11.8 | And one group that's interested? Private equity. |
| 1:15.3 | The FT reports that the world's top private equity firms, like Blackstone, |
| 1:19.7 | Apollo Global Management, and KKR, are perusing SBB's $74 billion loan book. |
| 1:27.7 | They're looking for pieces that might fit into their own credit portfolios. |
| 1:37.6 | The banking turmoil caused by the SBB collapse puts the federal reserve in a tough spot. |
| 1:43.7 | New data shows that US inflation is still stubbornly high. |
| 1:48.4 | That suggests the central bank will continue to raise interest rates. |
| 1:52.8 | But the current banking instability may make them more cautious to do so. |
| 1:58.5 | I'm joined by the FT's US economics editor, Colby Smith, to find out more. |
| 2:03.1 | Hi, Colby. |
... |
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