janet yellen says the u.s.onsidering providing blanket the positive insurance to stabilize the banking system. we had a slightly different view from jay powell. he also dashed hopes the fed will be cutting rates this year. we will be looking for the bank reaction especially as we get more volatility across the u.s. banking sector. gold miners could see a boost. take a look at how we are setting up thursday as asia awakes to the fed decision to go 25 basis points rather than a pause and more significantly flagging that this is not the end of the road when it comes to the battle against inflation that more tightening is to come. ruling out the idea that we could see rate cuts this year. cindy futures we are up .6%. the fed pushing back against dovish expectations. we are looking at declines in sydney and also when japan gets underway. could see some gains when hong kong comes online. the aussie is trading stronger when it comes to the broader g10 and against the kiwi dollar as well. also watching the dollar yen.

joining me is >> thank you, frank.5a■ >> we heard janet yellen's 5a■6■ comments.l said we will likely see another Ñihike. which situy(u=9■ is the catalys for the steep selloff we saw yesterday? >> you and i were on the phone as this was happening doing the pre-interview. chair powell was doing5a■ a ver conference. str■+ong a fine line of and acknowledgingñ inflation risk stillu■ existing while still acknowledging that there are stresses in the banking system. i thought'c■ markets wereu■ act positively until janet yellen made her comments with çófdic insurance. it shows yoj1 how fragile sentiment is within the banking regional banks. that wase1lp enough toÑi puti everythinge1 into a sharp sello. u doing finee1 and reacting well with the increase by chair powell,tuá ended by the secretary's comments. kg cf1 o >> the comments now digested. something to watch.çó let's talk about portfolio management right nowxd in lightf the news of the hike and whate1 janet yellen said and how arefá you judging companies? what are the metrics you are looking at before bond yields jum

what more has janet yellen been saying in this speech?what more has janet yellen been saying in this speech? based on that cli - , the saying in this speech? based on that clip. the end — saying in this speech? based on that clip. the end it _ saying in this speech? based on that clip, the end it was _ saying in this speech? based on that clip, the end it was really _ saying in this speech? based on that clip, the end it was really the - clip, the end it was really the salient part of what you are saying. not only is she reassuring everyone that the american banking system is safe but that they are prepared to go in and help any other banks that are struggling. and that has given a lot of people much more confidence that the extraordinary measures that we saw take place a few weeks ago when it came to the silicon valley bank that the regulators here in america are prepared to step in to offer support to other banks as well. so that has really reassured a lot of people in terms of the health and safety of the banking system here in the us.

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that's correct. janet yellen has pretty much come into the rescue today. her comments alone led the way for more than 50 percent in today's search. today for 1st republic, a much needed bounce back for that company. and for those wondering what you said, well, you know, i'm pretty much pledged or support to the u. s. banks in a bid for ease the financial for the fears of financial contagion. you'll him toll members of the a, be a that's the american bankers association, that the federal government is ready to step in to help out other trouble lenders after the collapse of silicon valley bank and signature bank. saying that the steps we took, we're not focused on eating specific banks and that our intervention was necessary to protect the broader us banking system. and more importantly, she said that similar actions could be warranted if smaller institutions suffer. deposit runs that post the risk of contagion. so if you're wondering what does this mean? treasury secretary, you're pretty much taking a val today to come to the rescue of troubled regional ban

vonnie: treasury secretary janet yellen as total u.s. would be prepared for further steps to protect the banking system if warranted. the comments, day after her remarks on nationwide deposit insurance rattled markets. >> the strong actions we have taken ensure americans' deposits are safe. certainly we would be prepared to take additional actions if warranted. vonnie: let's bring in kathleen hays. also joining us is adjunct professor of international and public affairs at columbia university in new york. irene, the comment that was added today before congress by the treasury secretary. was that game theory getting involved where yesterday she said we will not do anything, the banking system is fine. then banks dropped and she said we need to say something to placate the situation? >> what i find disturbing is that we are being reassured too much. we keep on hearing from the swiss central bank, from the fed , from all of the authorities that everything is fine. perhaps if everything were fine we would not need to be told it constantly. t

janet yellen declares bank system is sound as new rescues are ordered.t last bit making the front pages of the newspapers across the country. bigger banks moved to rescue first republic. that bank rescued by j.p. morgan chase citibank america wells fargo and others yesterday. that followed janet yellen testimony on capital hill. here is what she told lawmakers. [video clip] >> with the depos in every community bank in oklahoma, regardless of their size be lly insured now? are they fully recovered, every mentee bank in a oklahoma get the same treatment that svb just got or siature bank? >> theank only gets out eatment if the majority of the fbseaboard, -- fdic board, super majority of th fed, and i in consultation with the president determines the failure torotect uninsured deposors would create systemic risk and significant economic and financial consequences. >> what is your plan to keep large depositors from moving their funds out of community banks into the big banks? we have seen the emergence of banks over the past decade. i'm concerned you're about

janet yellen says us taxa ers the banks. janet yellen says us taxoayers will _ the banks. taxpayers will not be footing i taxpayers will not be footing the bill for this. many people will be wondering who is footing the bill for this? well, the banks are charged a deposit insurance, a fund of roughly $100 billion that will be drawn on to cover any costs involved and frankly, the fed itself can simply cover these losses out of its reserves. but again, it begs the larger question — what will be the long run cost of the fed policy. just last week, the chairmanjerome policy. just last week, the chairman jerome powell threatened to raise rates even faster in the future. and this despite the fact that wage demands, wages in the us, actually slowed significantly last month, to less than 3% on an annualised basis. last month, to less than 396 on an annualised basis.— last month, to less than 396 on an annualised basis. when svb started to _ an annualised basis. when svb started to flounder _ an annualised basis. when svb started to flounder on - an annualised basis. when svb start

janet yellen says that the u.s.s not considering blanket bank apposite insurance without working with congress. a senate subcommittee had asked her whether all protections for u.s. deposits would require congressional approval and she said that the heads of recently failed american bank should be held accountable. the u.s. fears that a war weary world might embrace the china ukraine ease plan. the presidents of china and russia discussed the proposals which the u.s. has rejected but dismissing it could lead china to argue that the u.s. is not interested in peace. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo, this is bloomberg. bloomberg. ♪ to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management. what does it mean to be ever bett

certainly the janet yellen, jay powell split screen that caused concern and angst. janet yellen suggested there was no discussion around guaranteeing deposits putting her at odds with the signaling from jay powell. in little bit more relief coming through as u.s. investors away up those mixed messages. yields coming up about 23 basis points at the front end. that's deepening of the yield curve continues. the pound and focus as we lead up to the bank of england. strength coming through for sterling. the bank expected to hike. that is the shape of things across these assets. let's get back to the fed. hiking by 25 basis points jerome powell signaling may be more in store. >> if we need to raise rates higher, we will. for now, as i've mentioned, we see the likelihood of credit tightening. we know that that can have an effect on macroeconomy. we are going to be watching to see what that is. tom: in a senate hearing at the same time, janet yellen said regulators are not looking to provide like it insurance for u.s. savers. >> it was not considered or discussed anything h

absolutely, janet yellen, the treasury secretary have gone to speak with lawmakers, this was previouslys going to talk about the budget that was presented by us presidentjoe biden last week or two weeks ago, it is hard to remember, but now of course the focus is absolutely banking, and she delivered her prepared remarks, and at the very beginning she outlined similar to what we heard from us presidentjoe biden, that the banking system is safe, that the appropriate regulator stepped in right away and took decisive action, and, of course, reiterating the point that it is not the american taxpayer that is footing the bill for this, it is bailing out customers but not the bank itself. �* bailing out customers but not the bank itself-_ bailing out customers but not the bank itself-— bailing out customers but not the bank itself. and we are looking at ictures bank itself. and we are looking at pictures of— bank itself. and we are looking at pictures of that _ bank itself. and we are looking at pictures of that testimony - bank itself. and we are looking at pictures of that testimony right i p

>> todd: a fox news alert, our banking system is sound is the message from treasury secretary janet yellen as the biggest banks in america jump in to rescue first republic bank. you're watching "fox and friends first" on friday morning, i'm todd piro. >> ashley: and i'm ashley strohmier. "wall street journal" says yellen's testimony contradicts what happened yesterday with banks invested $30 billion of their own money to calm panic. janet yellen offered more assurance u.s. banks are safe and sound and we doubt the treasury secretary believes it, no one else does. the economy and banking system are a okay when they are not, the more markets get nervous. >> todd: that is concerning from

i want to point to some of janet yellen's comments today. the market was waiting for what she was going to say. she spoke at 3:00 p.m. in the session. the bank index spiked having dropped as she spoke because she put the extra comment in that the treasury department would be willing to take additional actions if warranted. then they began to think what does that mean? does that mean it might be wanted? we don't know what is wanted. we do know that bad loans rose again to almost $100 billion. that is $143 billion or just under. let's have a listen to what janet yellen did have to say. >> destroying actions, we have made sure that american deposits are safe. we would be prepared to take additional actions if warranted. >> that was the comment on whether something was consoling or worrying, that is debatable. stock market investors are debating that as well. the bank slightly reduce their borrowings from to backstop facilities. that would be the discount window. let's go to bloomberg's and economic policy reward, the best, i saw about this new

what janet yellen is saying about that and the continued fears over u.s. banks. >>> and a player on the cuban national baseball team reportedly defects during the world baseball classic in miami. stay with us. if your business kept on employees through the pandemic, getrefunds.comom can see if it may qualify for a payrololl tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionalsts with its forms and submit the alication. thengo to getrefunds.comnalsts to learn more. sometimes you're so busy taking care of everyone else you don't do enough for yourself, or your mouth. but eventually, it will remind you. when it does, aspen dental is here for you. we offer the custom dental treatments you need, all under one roof, right nearby. so we can bring more life to your smile... and more smile to your life... affordably. new patients without insurance can get a free complete exam and x-rays, and 20 percent off treatment plans. schedule your appointment today. >>> we're following some major developments from

ross, great to you have here. >> thanks for having me on. >> confusion from janet yellen. we saw the 25 basis point hike on wednesday and banking crisis in recent weeks impact the economy and investing outlook. long term, now i think we have settled the situation with janet yellen, a few questions are left. how does this impact investing in the near term and long term for the rest of 2023? >> sure. typically when the fed hikes and hike this much, it ends with something breaking. whether the bank or international crisis related to a currency devaluation. from that point, the fed has to pivot. a pause or outright easing. we have seen this playbook the last 40 years. from that point, you enter a new stage against the fight of inflation or tightening. it becomes a good time to start thinking about getting risk on. near term, you will see volatility. defensives might out perform as we head to the slowdown. longer term, this pivot from the fed has represented a good opportunity to get risk on. stocks have done well outside a few unique instances. >> a lot of people say risk on.

it is a reaction to the janet yellen co

janet yellen is going to be on the hill where she is going to be talking about the budget, and there is going to be plenty of questions about the budget and she is going to need a calm tone where she tells americans that their deposits are safe. we will bring that to you live. >>> and the moment when a russian jet collided with a american drone causing it to crash into the ocean. we will show you how. >>> we rebbring you to the statf the u.s. economy now. >> matt egan is joining us, and everybody is paying attention to the secretary this morning and the words, and she is getting out ahead of this a little bit with the words telling americans to be calm and their money is safe. >> yes, this is a big moment for the treasury secretary and she knows that confidence is a fragile thing, and she knows that it has been shaken by the failures, and she wants the americans to know that the money in the bank is safe, and in the prepared remarks, and americans can feel confident that their deposits will be there when they need them, and she points to what she describes as, quote, decisive and for

ti9: one thing that we are seeing as you mentioned, janet yellen trying to reassure the markets.ut do you think that she is going to succeed? it has been again a very volatile time. a lot of people are waiting for the other shoe to drop with some other shoe to drop with some other bank.— other bank. well, that's the bi . other bank. well, that's the big concern. _ other bank. well, that's the big concern. we _ other bank. well, that's the big concern. we have - other bank. well, that's the big concern. we have seenl other bank. well, that's the | big concern. we have seen a positive response certainly in this country. the banks have said that this illustrates their confidence. they want to try to get their message out. the regulators in this country have talked about this move of the 11 banks being most welcome. so everyone is seemingly singing from the same hymn sheet here, and we did see stocks rise after this announcement, stocks of first republic. there may well have been some jitters after the closing of markets, but it is probably too early to say, in terms of the longer te

janet yellen, the head ofthe water. janet yellen, the head of the treasury _ water. head of the treasury there, - water. janet yellen, the head of the treasury there, talking about how important these regional banks are, like svb, and they are very important, aren't they, in terms of the ecosystem within the us economy, small and medium is a rely on these banks, what if your outlook in terms of that? well, you know, the us banking system is really four banks, the central bank, the large monies and debates, the regional banks they silicon valley bank's, and the small banks, the regional banks provide very specific rights and services that the rest of the banking ecosystem doesn't provide, especially around the start—up community, venture capital, and there are entire segments of the market that aren't going to exist, silicon valley provided about 40% of the venture debt in the united states is one example. i think for the next few years it's going to be a big challenge for earlier stage and ventured back companies in the united states defined banking products that fit

then they watched janet yellen say yes, no. jay powell says yes, no, nobody sure.is what is haunting them. these polls are not offended if they are polls and not boats. i just wanted track sentiment. one look sunday march 12 when they decided to guarantee silicon valley bank. that was a bailout and i don't think anybody liked it and i think biden is paying the price. >> is been paying the price for independence since the chaotic and unnecessary irrational pullout from afghanistan. he never won independence again. things like this don't help, who were independence, some relapse democrats i left the democratic party in a holding pen under powder they don't want to vote republican they want to feel convinced that we do it friendly and have solutions in finisher sentences and talk about the solutions. independence are also people who hate political parties they don't like washington trust washington they don't trust washington did not bailout something in california and nationwide silicon valley bank. he is not to get independence packets can be very hard to ever get n

janet yellen on capitol hill testified that our banking system is sound. senator marsha blackburn is here and we'll see if she is buying that. she is coming on at 2:30. america has a new favorite breed of dog, it might surprise you. tweet me your favorite @cvpayne. my takeaway why silicon valley is the new roman colossus. all that and so much more on "making money." ♪. charles: feels like you're surfing, right? market trying to get equalibrium here. all developments. news coming so fast even too fast for the digital age interesting there is nothing new about a banking crisis yet there are unlimited opinions out there how we should be addressing this, what it means for the economy and the stock market. of course at the end of the day the only opinion that matters is jay powell and company, right? the federal reserve will dictate everything. this is modeling on the street. this is kind of nuts. here we are right now, wall street sees one more rate hike. we stay here. then we get a rate cut. then we get a big rate cut. then we get more rate cuts. we get more

janet yellen flip-flops. she's trying to put lipstick on that billionaire bailout, and let's just say it's not that easy. plus, my takeaway on the modern day federal reserve and why jay powell will soon be tossing money out of the helicopter just like i all his predecessors. all that and so much more on "making money." ♪ ♪ charles: all right. so it was interesting because yesterday -- we're up a little bit now, and is you want to see the internals, but yesterday we were up, but service the only two sectors. the broad market got hit pretty good, and they were led by real estate and financials. today the market wantedded to rally. yesterday it wanted to rally as well. treasury secretary janet yellen, though, she began to the speak and it's the really remarkable, she just kneecapped the optimism for the second day in a row. yesterday, of course, stocks tumbled on confusion. there was a flip-flop to the prior day's flip-flop, and i've got to be the honest, right now i think everyone's confused. meanwhile, another

this comes after treasury secretary janet yellen tried to reassure congress and the nation that america's banking system is sound. >>> welcome to our viewers here in the united states and around the world. i'm wolf blitzer. you're in "the situation room." >>> this hour, pieces of a downed u.s. drone may now be in the hands of russia. two days after aggressive moves by kremlin warplanes over the black sea, critical moments of that encounter captured on video newly released by the u.s. military. cnn pentagon correspondent oren liebermann is following all this for us. first, what are you learning? >> reporter: russia got to the scene of the crash site hours after the u.s. operators took the drone down. they believe russia collected some of the debris, some of the wreckage from the drone as senior russian officials said they would do to learn more about it. officials downplayed the significance of what was left from the drone, first because it's small pieces of wreckage, and second, because sensitive information was wiped from the drone before it crashed. >>> what might be the first fiscal co

did you hear what treasury secretary janet yellen said today? she insists the bank situation is stablizing and the fed will intervene to protect small banks, all the kind of things you would expect but she also let out the feds are indeed mulling unlimited deposit guaranties if the bank crisis worsens. who pays for that? we'll ask former house majority leader eric cantor who fears well, taxpayers do. florida republican congresswoman anna paulina luna, on the law of unintended rescue consequences and violent crime worries this spring break in i guess the spring break capital of the world, florida. yeah. florida. ain't that a beach or should i say miami beach? welcome, everybody, i'm neil cavuto. glad to have you. sunny skies for stocks thus far. they have given up a lot of their gains, close to over 300 points earlier in the day. 126 points, to kenny polcari what he makes thiscom pac tuesday. kenny. >> how are you? i feel good about this comeback tuesday. a lot of angst we saw certainly was created out out of the hysta over the bank situation and

nearly 5% decline in banks after janet yellen spoke. msci asia pacific and s&p 500 futures clawback some gains. let's get to our top stories. the fed hiking by 25 basis points and jerome powell signaled more tightening may be in-store. >> if we need to raise rates higher, we will. i think for now though, as i've mentioned, we see the likelihood of credit tightening. we know that that can have an effect on the macro economy, on demand, the labor market, inflation, and we are going to be watching to see what that is. dani: but in what was a pretty morning testimony from powell, what made sparks fly was the senate hearing that happened at the same time. treasury secretary janet yellen said regulators are not looking to provide blanket deposit insurance for u.s. savers. >> that is not considered or discussed anything having to do with blanket insurance or guarantees for deposits. dani: this, let's get to bloomberg market reporter valerie tytel. valerie, messages that had different reactions and markets. what were your main takeaway? valerie

treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. >>> also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. >>> new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as the super soaker saturation event. >>> legal jeopardy? former president trump stumped in iowa with his former victor set to talk to prosecutors about their hush money investigation. >>> plus roman catholics mark a milestone. >> it's been ten historic years since francis became pope. >>> and later, they are on the frontline in ukraine's fight to preserve its culture. why the show goes on, despite russia's war. >> why is it so important to step in? >> translator: we want the world to see that ukraine also has its own incredible culture. >> announcer: this is the cbs weekend news from new york with gent duncan. >>> the debate o

yesterday, we saw reaction to janet yellen pushing back against widespread guarantee of uninsured e1depositsled the banks stateside and thewju)sq't is across to the banking names in europe thib morning. we are trading lower in media stocks. down by 1% at this stage. every stock in that basketÑi trading weaker. .75% off construction. the theme is all stocks in the baskets are in the red. all trading with red arrows. financials are a basket containing theÑi banks here in europe including ubs. oil and gas is down e1.40%. thee1 defensives toward the top end of the boarde1 from xdtelco utilities to real estate tracking below the flat line. autos givingxd back a tiny bit territory. there are green arrowse1 from porsche to renault.e1 just leaning positive. not much in the way of green arrows here. it is technology out in front .30% to the upside. we got above the threshold!u■ o 7,534. .40% off from the start. a bigger decline and that is the pound support we have seen with n the currency and the inverse relationship. we are giving back .40%. that is more than coming off the french and german stock

treasury secretary janet yellen was sending confusing signals on whether all bank deposits are safe orse of the treated $50000 the current fcic guaranteed limit. how alarmed should we be the economic policymakers are clueless. let's talk about it with our panel lauren let me come to you first. it's pretty disturbing our key leadership here do seem that the federal reserve lost control of inflation completely and fighting to get back on top of it and then the process causing harm and damage with higher interest rates janet yellen doesn't seem to be able to make up her mind from one day to the next where people are going to be protected when banks fail that's not the leadership that we expect from washington, is it? >> when it comes to the fed it's really important what it remains political, jerome powell was appointed by trump and held over by biden, when the fed becomes politicized, as we see eventually starting to happen we saw that through coded what is the role and we republicans and democrats arguing about the role of the fed during covid would becomes politicized that's when you h

was deutsche bank which was in the crosshairs by investors and it seems like treasury secretary janet yellendeling the rules we don't know what the rules are she going to assure about 250,000 are not and how many other banks are there that could fail, what is your take on the number of banks that could be problematic? >> i think the hazard and you kneeled on the head. when you have a bank with idiot management and i don't mean to be rude i'm just saying you look at silicon valley bank and a combination of idiot management aboard this unqualified to oversee our negligence or both in the san francisco fed just missed it. is it my fault, directed pay for that as a taxpayer, credit suisse you referenced has been a zombie bank for 14 years. the average penalty for the management team over the last decade is half a billion a year. if that isn't idiot management you had us if you put your money into that place finally credit suisse had to clean it up on their own but everybody knows that story, deutsche bank same issue. as a taxpayer the question is why do i have to bailout idiots over and over aga

so we have heard from janet yellen, the treasury secretary saying that if things about the us bankingm, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to come so much money into one single medium sized bank. all lies now will be on the markets to see how they respond, and of course all eyes on individual investors, the individuals who have money in this bank to see how they respond. we can now speak to wall street insider danielle dimartino booth who's ceo and chief strategist at quill intelligence and former advisor to the dallas federal reserve. danielle, thank you for taking the time to come in the programme. now, we have seen big us banks step into first —— helps at first reserve, but we didn't see the same support last week when silicon valley bank collapsed and signature bank collapsed and signature bank collapsed. what you think is different time around? i think right now it is paramount for us regulators and wired the treasury secretary janet yellen has prompted these banks to infuse first republic with $30 billion is that ri

treasury secretary janet yellen has been speaking in d.c.american bankers association and talked about the economy and health of the banking system. she says we don't have all the information we need about svb and his signature. it is too early to talk about regulatory changes. it is being talked about. is that because it will be hard to make those regulatory changes? carhart will it be to guarantee all those deposits? kailey: there is a massive legal question, because changing fdic limits is with the authority of congress and there is a massive question if there would be enough bipartisan support. given that we have had lawmakers on both sides of the aisle expressing support for the idea of changing with the insurance limit is, you also had significant pushback, including from the house of freedom caucus that put out a statement saying that is encouraging that behavior if you were to inquire directly insure all deposits in the u.s., a very different -- difficult political question whether this can be done. we understand the treasury is look

they will also be watching the messaging from janet yellen closely as well.for her, enemy number one is the banking sector, no longer the inflation sector. they will be watching her signals on how they make their decisions. haslinda: policy farming it could be appropriate. that doesn't mean there could be a tightening through rate rises, it could be through qt. mark: they don't want to take anything off the table. for them they will consider pausing, but continuing with qt. anything else which comes to mind, they don't want to close any door right now. they're not exactly sure what's coming around the corner. because the number of banks, which suddenly needed help would've been a shock to them. there also regulator, not just the policy center. part of their job is to supervise the banking system. something caught them by surprise. they need more time to digest. they will be looking at a whole avenue of things. they will keep their mind open. yvonne: swaps are not listening to the fed. they are still pricing in cuts after the fomc decision. does that how fit -

janet yellen offered more assurance u.s. banks are safe and sound and we doubt the treasury secretary believes it, no one else does. the economy and banking system are a okay when they are not, the more markets get nervous. >> todd: that is concerning from the editorial board. alexandria hoff joins us live. >> alexandria: u.s. regulators are applauding the deal saying the lifeline given to first republic bank demonstrates the resilience of the american banking system. all of this to pull first republic bank from the spiral met by silicon valley, signature and silver gate. join statement reads action of the largest banks reflect confidence in the banking system, we are deploying strength and liquidity to the largest system where it is needed most. the banks are supporting the economy and those around us. secretary yellen was among the architects of the deal. her testimony game days after emergency action to contain collapse of silicon valley bank. listen. >> i can reassure the members of the committee that our banking system

so janet yellen will have to speak with authority on how this can be corrected in the future. >> somehey should have seen this coming. there is a push to tighten some banking rules that congress loosened in 2018. >> i think that most of our members want to have the question answered by the regulators what happened. i mean how come they were asleep at the switch and didn't see this coming? these are pretty obvious indicators and there is still a lot of losses on the balance sheets around the country. >> for now, lawmakers are flailing at a course of action. no one wants to talk about the contagious in 2008 that sparked a fiscal meltdown. >> does anything with this crisis concern you in a way it did in 2008? >> look, i have faith in president biden, secretary ye yellen, and the federal reserve. they have all hands on deck. >> they will talk about if it could prose a problem here. the marks open in about ten minutes. >>> nice to see you on the hill. as we await the market open, we are bringing in maria bartiromo. >> yeah, she has to explain how it is possible that they did not see that t

>> janet yellen definitely made the error. she was too specific.n this situation you have to be vague what you intend and stay positive and she focused on deposit insurance and she said that she hasn't had any conversations about increasing deposit insurance. neither the treasury or fed has the bailiwick that belongs to the federal deposit insurance corporation and congress would have to get on the same page for that. powell said don't banks will implode. we'll provide them with liquidity, your deposits are safe from that perspective. charles: i saw a article couple days ago, it mentioned ann petty for, british economist predicted the global crash. she said the banks are choosing class warfare over financial stability. i thought about you. you've been imploring the fed slow down, stop, they have done enough. so does she have a point? >> i guess. i don't think of the situation in those kind of terms. what i think is that the fed has been fighting inflation and now suddenly it is realizing it has a financial stability issue. i think from the perspect

they believed in janet yellen. we knew the rates wouldn't going to stay the same because of the trillions that have been spent. it was that belief in what is called modern monetary theory that you can print, print, print. the regulators were not watching this bank because they believed in all of that, too. they too believe that there was nothing wrong in investing with that wrong strategy in their heads. >> martha: this is the problem behind group think. when you have this policy, susan, where you're printing trillions -- people might say wait, what does it have to do with any of that? it has to do with this bank. when you have this monetary policy that leads to inflation and let them to have the best that they had made to secure their investments and deposits, it puts them in a tough position interest rate -wise. j.p. morgan had a negative buy rate. they said that they were concerned about svb. then you have the ceo pulling out 3.5 million, selling his shares in the companily before this happened. so people did kn

the state senate banking cocommittee hearing set for tuesday, the fdic, the fed and treasury's janet yellen testifying this week. futures this morning are rallying, the dow industrials adding onto a big week, up 161 this morning, one half of 1%, nasdaq right now higher by 34, about one quarter of a percent, s&p 500 higher by 20 points. last week, markets notched another pretty good winning streak, the dow industrials on the week up 1 and two thirds percent, i'm sorry, the dow industrials 1.1%, the nasdaq up 1 and two thirds percent, s&p 5 had hundred higher by 1 and a third percent. european markets, we see a firmer tone here as well. the ft 100 is up 54, the cac is up 73 and dax higher by 178. asia overnight, mostly red a across the board, japan on the upside with the nikkei average higher by a third of a percent, the hang seng in hong kong down 1 an three quarters percent. the house of representatives moving forward with tiktok legislation after last week's hearing on capitol hill. the gatestone institute senior fellow gordon chang is with me this morning to talk more about that. and back

in fact, the treasury secretary, janet yellen, was testifying to congress that she was meant to testifyhe budget. but there was lots of comments and questions about what has happened in the banking industry in the last few days. have a listen to what she said. >> i can reassure the members of the committee that our banking system is sound and americans can feel confident that their deposits will be there when they ne them. this week's actions demonstrate our risk to ensure that our financial system remains strong in the depositors savings remain safe. david: for all of janet yellen's assurances there, isn't the truth of the matter that this whole situation leaves financial regulators and almost impossible task. because in order to control the situation, they have to bring down interest rates and that runs the risk of fueling inflation. >> absolutely. inflation has been the word for many, many days. you will know them interest rates have been climbing all around the world to try to contain inflation, and now we heard from the ecb that said, we are still going to raise interest rates by h

. >>> right now on "andrea mitchell reports," treasury secretary janet yellen on capitol hill trying to reassure americans their money is safe amid market jitters about cracks in the global banking sector credit suisse getting a $50 billion life line today from the swiss central bank new concerns about the large number of uninsured deposits at first republic, another california regional bank >> i can reassure the members of the committee that our banking system is sound and that americans can feel confident that their deposits will be there when they need them. >>> also this hour, the pentagon's stunning video of the russian jet flying directly toward the u.s. drone and what appears to be dumping fuel on the unmanned drone flying over the black sea near crimea. >> we know that the aggressive behavior was intentional we know it was very unprofessional and very unsafe >>> time is up the white house demanding tiktok's chinese owners sell their stake in the platform or possibly be banned from the u.s. senator intelligence committee member angus king joining us today. >>> good day, everyo

customers lining up at these banks and what the treasury secretary janet yellen , told congress today about the safety of the u. s banking system. rachel scott on the hill tonight. tonight a lifeline for first republic with 11 of the country's biggest bks, a rescue plan to pump $30 billion in deposits to prop up the struggling bank. the groups, saying the move reflects their confidence in the country's banking system. it comes amid growing worry about the stability of regional banks after the collapse of silicon valley bank. i do think that because of the panic that people felt what silicon valley bank they have also sparked another panic with first republic bank i don't think there's a big risk that there's a domino effect just 24 hours ago, first republics credit rating was downgraded into junk territory. it sucked plunging for days, even as the bank tried to reassure customers. still, some were worried it's scary at bank branches to move their money out , rushed over here, and i withdrew all my money for $1. today, the federal reserve and the treasury department, saying the show of

halt the fear in this country, leading to customers lining up and what the treasury secretary janet yellen told congress today. rachel scott on the hill tonight, the mother emotional after seeing the video of her son dying in custody, authorities say now at the hands of police and workers at a mental health facility tonight. three hospital workers now also charged in pierre thomas reporting tiktok be banned in the u. s sources telling abc news tonight that the biden administration is threatening that ban if the chinese parent company won't sell it, concerned that your data could be turned over to the chinese government. the abc news exclusive inside the company called open ai artificial intelligence. their new technology gpt four, and even if you haven't heard of it, how it could very soon affect your life tonight inside the headquarters. what that technology can now do passed the bar exam. answer s 80 questions even suggest recipes by simply looking at a photo of what you have in your refrigerator. tonight, the demonstration right here and the very serious questions about the danger. this

yeah, despite saying a bailout is off the table, treasury secretary janet yellen this morning promiseshat regulators are, in fact, helping goeser the thes, but she declined to say how. instead the, yellen is trying to assure the public the u.s. banking system remains strong despite sill finish silicon valley bank's failure: take a listen. >> i can't really provide further details at this time, but what i do wanting to do is emphasize that the american banking system is really safe and well capitalized. it's resilient. we want to make sure that the troubles that exist at one bank don't create contagion to others that are sound and a goal always of supervision and regulation is to make sure that contagion can't, can't occur. >> reporter: well, mike, despite that from the treasury secretary the, experts fear this could lead to a loss of faith in smaller and mid-sized banks which could then possibly trigger a bank run, trillions of dollars in size, and it could also kill thousands of start-ups and small businesses that rely on the bank to make payroll. congressman ro khanna, a democrat fro

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