Last week, the Federal Reserve raised interest rates by 25 basis points—their logic being that inflation remains too high. Elevated inflation remains a challenge, however, turbulence in the banking sector is currently causing stress in the overall financial system. For example, since Silicon Valley Bank failed, capital markets activity has essentially come to a standstill. Meaning companies cannot issue bonds or pursue IPOs or M&A activity. The longer this shock persists, the greater the risk to the overall economy.
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