US President Joe Biden will deliver remarks about the banking system,, which is on the spotlight following the collapse of Silicon Valley Bank and Signature Bank. Biden is set to speak at 13:00 GMT about how to “maintain a resilient banking system”.
NBNNews will be covering speech minute by minute so you don’t miss anything!
5: “Americans can rest assure the banking system is safe”
4: “We must reduce this risk to happen again”
3: “The managements of these banks will be fired”
2: “All customers that had deposits in these banks will have access to their assets from today”
1: “You can breathe easy!”
You can also view the speech here:
The crisis with SVB triggered fear and panic across financial markets. The Dow Jones is at the lowest level in months, gold and silver are sharply higher as market participants priced in a softer Fed.