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Tuesday 14 March 2023
March 2023 | The SVB bank failure is the third after Signature Bank and Silvergate Bank, and it is the largest bank failure since the 2008 financial crisis, with SVB being the 16th biggest US bank. The failure was mainly due to an asset-liability mismatch, which resulted in the materialization of losses from sales of quality bonds that were trading down amid rising yields over the last year.
01 | SVB bank failure is the third after Signature Bank and Silvergate Bank, and it is the largest bank failure since the 2008 financial crisis, with SVB being the 16th biggest US bank.
02 | We believe this is not a systemic risk: while being a negative for the market, the SVB failure is more of an idiosyncratic story rather than a systemic issue.
03 | While we believe the Fed will remain committed to fighting inflation, it will have also to assess the impact of the current crisis and its potential spillovers in its policy.
Unless otherwise stated, all information contained in this document is from Amundi Asset Management US (Amundi US) and is as of March 14, 2023. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi US and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results. Amundi Asset Management US is the US business of the Amundi Asset Management group of companies.
Fed Chair Jerome Powell's comments confirmed the Fed is very likely close to the peak in its rate cycle, but he clearly did not endorse the rate cuts currently priced into the market. He struck a balanced tone between maintaining financial stability and stressing the Fed's ongoing fight against inflation. He noted that while the Fed did consider a policy pause, recent stability in financial conditions appeared to have tipped the scales in favor of a hike, and he reiterated that the Fed has the tools to address financial stability risks. Overall, he worked hard to alleviate concerns about the safety of deposits, stating the banking system is safe, and well capitalized.
In 2022, Amundi did more than resist in a difficult context and continued to develop, thanks to the growth drivers of its Ambitions 2025 plan
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