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. . . . you were in the cnn newsroom paula read in washington, jim acosta is off. we begin with the latest emergency act aimed at a time global banking crisis, switzerland ubs is buying the rival credit suisse after the bank lost 25% of value the past week as major depositors fled in droves. even as an emergency loan from the swiss national bank failed to shore up confidence. that bank says the take-over of ubs should, quote, secure financial stability and protect the swiss economy. joining us is cnn economics and political commentator catherine, first i want to go cnn anna stewart. put this in perspective, how big of an announcement is this. this was for the time one of the biggest banks in the world and definitely a major bank in europe. being in the midst of a huge set of restructure the last couple of years, it was already under pressure and you ve seen the pressures on the banking sector with silicon valley bank, you can say it was a weak link started to d ....
Predicting a small hike not as big as had been the case before or had been expected before. 25 basis points, quarter of a percentage point, some are expecting a full-on pause, i think the challenge is for the fed if they decide to pause, which i think would be reasonable given maybe they want to see how the dusts settles with all of this financial turmoil, if they decide to pause, they need to be able to message saying it s a temporary pause, not a put full-blown terminal stop. we are still, you know, hell bent on crushing inflation and nobody should interpret any pause right now that s in response to these recent events as they re giving up on the fight against inflation. so it will interesting to see not only what action they take but how they communicate the, you know, the objectives behind that action and their longer term trajectory. catherine, thank you. and joining me now is ....
Joining us is cnn economics and political commentator catherine, first i want to go cnn anna stewart. put this in perspective, how big of an announcement is this. this was for the time one of the biggest banks in the world and definitely a major bank in europe. being in the midst of a huge set of restructure the last couple of years, it was already under pressure and you ve seen the pressures on the banking sector with silicon valley bank, you can say it was a weak link started to debuckle last week, we saw it tank wednesday, swiss central bank to try and support it in terms of liquidity and largely confident, it didn t work. what we re seeing is ubs the rival bank in switzerland do a huge take over essentially paying just over 3 billion dollars worth, sounds like a lot. it s taking credit suisse at 6% ....