Is the banking crisis making a comeback? Yellen spoke again: there will be no systemic risk
六月清晨搅
发表于 2024-2-9 10:45:34
234
0
0
On Thursday local time, US Treasury Secretary Yellen stated that the banking industry may feel pressure due to the weakening of commercial real estate valuations, but she does not believe that this will pose systemic risks to the US financial system.
Yellen attended a hearing of the Senate Banking Committee that day and told lawmakers that the risk exposure of large banks is "quite low," but smaller banks may be facing pressure related to high office vacancy rates, rising interest rates, and declining valuations.
She stated that it is clear that the banking industry will face pressure and there will be losses related to commercial real estate. "For some banks, this will be a major concern, but overall, the capital situation of the entire financial system is good." She pointed out that overall, the US financial system is healthy.
Recently, the stock price of New York Community Bank in the United States has plummeted one after another, due to its excessive exposure to commercial real estate credit, resulting in unavoidable losses, leading to regional banking crises once again becoming a hot topic in the financial field.
Rating agency Moody's downgraded the credit rating of New York Community Bank by two notches to "junk" on Tuesday, further hitting the already struggling bank. Moody's pointed out that community banks in New York face challenges in finance, risk management, and governance.
Since the collapse of Self Signing Bank, Silicon Valley Bank, and First Republic Bank in early 2023, bank investors have been in a state of anxiety. The decline in stocks has exacerbated a crisis of trust, ultimately leading to fatal deposit runs on these banks, which have large amounts of uninsured guaranteed deposits, a concentrated customer base, and a face loss in their bond investment portfolios.
The New York Community Bank attempted to assure investors on Wednesday that it has sufficient cash to sustain operations. But on Thursday, the stock price of New York Community Bank remained highly volatile, with a drop of over 9% during trading, indicating that the crisis was far from over.
On Tuesday, Yellen claimed that the combined effect of various factors will bring great pressure to commercial property owners, and she is concerned about this.
Although Yellen emphasized that she believes this issue is manageable, her banking regulatory authorities and the Financial Stability Supervision Commission are working closely with financial institutions to study how to meet the needs of borrowers. But her speech did not appease the market, but instead deepened investor concerns.
The economic situation is very good
On Thursday, in addition to discussing banking issues, Yellen also analyzed the health of the US economy. Yellen believed that the US economy performed better than other major economies around the world, emphasizing that inflation is slowing while wages continue to rise.
She said that commodity prices are no longer rising rapidly, and wage increases exceeding inflation mean that Americans can use more funds for savings in addition to daily consumption.
Yellen pointed out that recent surveys on consumer confidence have shown that Americans' attitudes towards the economy and their own financial situation have been improving, especially in the context of slowing inflation.
She said, "Sometimes, when people are asked about their economic situation and other people's performance, they seem to be more negative, but their evaluation of their own situation and behavior is more positive in terms of consumption or entrepreneurship."
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- Did this former US Treasury Secretary save the US Banking Crisis 2.0 last night?
- Alcohol and health assets offset debt? Outbreak of the "Haiyin System" Crisis | Focus on "3.15"
- Tesla may reduce production in China to cope with the crisis of slowing growth
- The largest airline in the Middle East rated "Boeing Crisis": Companies need to transition to an engineer driven governance model
- Does the Fed's interest rate cut prediction imply a crisis? Wall Street tycoons: heralding impending recession
- Large cap technology stocks are making a comeback, and will the US stock market enter a familiar rhythm?
- Make a fortune from the geopolitical crisis! US military industry stocks exploded in July, far outperforming the market
- Boeing is experiencing a new crisis! More than 30000 workers go on strike for salary increase, multiple models delivered or affected
- Workers pursue production speed without sufficient training, Boeing is deeply mired in quality crisis
- Boeing reportedly considering a $15 billion financing plan to weather the crisis
-
知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
- caffycat
- 11 小时前
- 支持
- 反对
- 回复
- 收藏
-
每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
- star8699
- 前天 19:48
- 支持
- 反对
- 回复
- 收藏
-
上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
- goodfriendboy
- 前天 20:09
- 支持
- 反对
- 回复
- 收藏
-
人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
- 3233340
- 6 小时前
- 支持
- 反对
- 回复
- 收藏