How exactly should the Federal Reserve stop a banking crisis while trying to douse inflation at the same time? Bill Ackman and Elon Musk weigh in.
How exactly should the Federal Reserve stop a banking crisis while trying to douse inflation at the same time?
Bill Ackman, the high-profile Pershing Square hedge-fund manager who made an astute bet that rates would have to rise last year, took to Twitter to ask for a pause. “We have had a number of major shocks to the system. Three U.S. bank closures in a week wiping out equity and bond holders,” said Ackman, referring to Silvergate Bank, SVB Financial and Signature Bank. “The demise of Credit Suisse and the zeroing of its junior bondholders.
As for Musk’s policy idea: only one bank, Nomura, is heading into the meeting calling for a rate cut . A reduction would have the advantage of boosting the bonds that have fallen in value on bank balance sheets, and while investors could cheer, they could equally panic at the idea of such bold Fed action.
The buzz First Republic Bank FRC has hired JPMorgan to advise on strategic alternatives including a capital raise or sale, CNBC reported, citing sources.
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