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The Federal Reserve Chairman has admitted to being blindsided by the sudden collapse of Silicon Valley Financial institution (SVB) regardless of being underneath their supervision. The collapse of SVB has prompted an inner investigation led by the Vice Chairman to look into the failure of the financial institution and the Fed’s regulation of it. The financial institution’s collapse has been linked to the Federal Reserve’s successive rate of interest hikes and erosion of its long-term bonds. This has led to depositors requesting withdrawals en masse, inflicting a financial institution run, and the Federal Deposit Insurance coverage Fee taking possession of SVB. (Learn Extra)
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