SVB crisis shows Fed needs to slow down or a 'lot more stuff is going to break,' Altimeter's Gerstner says
Publishing timestamp: 2023-03-13 16:32:43
Summary
Altimeter Capital's Brad Gerstner warns that the Federal Reserve needs to slow down rate hikes to prevent a crisis in regional banks, following the collapse of SVB and the shuttering of two other banks with heavy exposure to startups or cryptocurrency. Gerstner argues that the risk to the regional banking sector goes beyond just SVB and that the prime source of funding for that market disappeared "virtually overnight." He compares the current moment to the 2008 financial crisis and warns of a potential massive recession and much bigger problems if the Fed doesn't slow down.
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Keywords: signature bank, svb financial group, jerome powell, breaking news, business news, technology, silvergate capital corp, u.s. 10 year treasury,