Source: US marshalling 'material action' to stem SVB fallout – Reuters – by anilpanchal7 Equities RiskAppetite NewsTrading Markets
US authorities were preparing "material action" on Sunday to shore up deposits in Silicon Valley Bank and try to stem any broader financial fallout from the sudden collapse of the tech startup-focused lender, mentioned Reuters while relying on anonymous sources familiar with the matter.
Further, Mint reports that the US Federal Reserve will hold a closed-door emergency meeting on Monday of the Board of Governors amid the fallout of the Silicon Valley Bank.
U.S. authorities are considering safeguarding all uninsured deposits at SVB, weighing an intervention to prevent what they fear would be panic in the country's financial system, the Washington Post reported, citing three people with knowledge of the matter. CNBC reported that the Fed and the FDIC are discussing two different facilities to manage the fallout from the closure of SVB if no buyer materializes.
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