Bill Ackman urges the Fed to pause interest-rate increases because the banking crisis is not yet over
The banking turmoil that started with the collapses of Silvergate Capital and Silicon Valley Bank in the US two weeks ago spread to Europe more recently, leading to UBS's $3.2 billion takeover of Swiss banking giant Credit Suisse.
At the same time, regional US banks have come under extreme pressure, with San Francisco-based lender First Republic facing heightened risks of an SVB-like outcome.should be raising rates and adding additional pressure on the system as financial stability is the Fed's first responsibility," Ackman said.
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