US regulators step in to shore up banking sector in wake of SVB's collapse

The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation person unveiled a program meant to stem immoderate contagion from Silicon Valley Bank's (SVB) nonaccomplishment connected Friday. The Federal Reserve volition supply an exigency lending installation that volition guarantee each of the bank's depositors are repaid successful full. Elsewhere, the UK authorities says SVB's UK subsidiary has been purchased by HSBC and Goldman Sachs says a Fed complaint hike is nary longer expected due to the fact that of "stress successful the banking system".