Fed Downplays Bank Crisis As Another Bank Teeters | Jim Bianco
Jim Bianco of Bianco Research joins Forward Guidance to break down the Federal Reserve’s meeting on May 3rd, during which Fed Chair Powell noted that “conditions in the banking sector have improved.” Shortly thereafter, shares of PacWest Bank ($PACW) plummeted.
Bianco and Farley also explore whether this is the Fed’s last hike in interest rates, and how the consequences of the looming debt ceiling will impact the banking system and markets.
Note: this interview started to filmed at 3:30pm ET on May 3rd, almost immediately after Fed Chair Jay Powell’s press conference, but BEFORE the crash in $PACW (over 50%), which occurred shortly after 4:30pm ET. Bianco and Farley’s discussion of PacWest occurred before PacWest announced it was pursuing a strategic sale.
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.