US stocks slip ahead of Fed's decision on interest rates following bank crisis
SVB lost nearly $2 billion on the sale of a bond portfolio whose value was slashed by the Fed's aggressive rate hikes.
The policy decision is due at 2:00 p.m. Eastern and Fed Chairman Jerome Powell will speak at 2:30 p.m. Eastern. "Capital market financial conditions like stock valuations, corporate credit spreads, and the exchange value of the dollar were the Fed's focus up until now, but our sense is that will shift to how effectively the banking system is distributing credit throughout the real economy going forward," said Hill.
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