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it signals concern about the health of the sector, following the collapse of first republic and its acquisition byjp morgan chase. the wall street giant said it would pay $10.6 billion dollars to the federal insurance deposit corp, after officials shut down the smaller bank. first republic had been under pressure since last month, when the collapse of two other us lenders sparked fears about the state of the banking system. meanwhile, the managing director of the international monetary fund kristalina georgieva says she expects more weaknesses to be exposed in the banking sector. so just how vulnerable is it? let s ask the chief global investment officer of oreana financial, isaac poole. i think there is a real risk of that. this is probably not the end of bank failures. we are seeing these problems in the smaller, regional, medium sized banks, really exposed to higher interest rates. we are going to see another interest hike from the fed which might add extra pressure ....
washington, where the us debt ceiling fight is heating up, with both sides showing no room for compromise yet on an issue that impacts the global economy. us treasury secretary janet yellen has issued a letter to congressional leaders, warning the us could run out of cash byjune 1st. that s prompted president biden to call a meeting with the top leaders in congress next week seen here. in the letter, yellen warned: speaker mccarthy responded to yellen in a statement, saying: the republican controlled house passed a debt ceiling bill last week that includes steep spending cuts. senate democratic majority leader chuck schumer announced a process to pass a clean bill with no cuts just hours ago. meanwhile, a little relief in the banking sector. wall street giantjp morgan chase took over the troubled first republic bank in a 10 point 6 billion dollar deal brokered by regulators. hey seized first republic early on monday, after efforts to rescue the bank fell through over ....
another area of concern is the labour market, which while still strong is showing signs of cooling. so what will america s central bank do and say? the bbc s michelle fleury reports from westchester, new york. losing momentum after nine rate hikes in the past year. the federal reserve s efforts to cool the us economy are having an effect. this is a chain that you ll see on like roller shades and vertical blinds. something bill, who runs a family owned manufacturing business in westchester, new york, is seeing first hand. right now, we re expecting some softness in the marketplace for probably six months or so. we re seeing a lot of softness in the marketplace as far as demand the commitment in terms of like long term blanket orders with customers. we re not seeing that either right now. so we re having some challenges with that. american businesses are pulling back on spending and hiring. the housing market is slowing both areas sensitive to changes in interest rates. a ....
i m karishma vaswani. we begin with the banking turmoil in the us. shares of several regional banks have closed in the red on monday. it signals concern about the health of the sector, following the collapse of first republic and its acquisition byjp morgan chase. the wall street giant said it would pay $10.6 billion dollars to the federal insurance deposit corp, after officials shut down the smaller bank. first republic had been under pressure since last month, when the collapse of two other us lenders sparked fears about the state of the banking system. meanwhile, the managing director of the international monetary fund kristalina georgieva says she expects more weaknesses to be exposed in the banking sector. so just how vulnerable is it? let s ask the chief global investment officer of oreana financial, isaac poole. i think there is a real risk of that. this is probably not the end of bank failures. we are seeing these problems in the smaller, regional, medium sized ....