CLEVELAND — The Federal Reserve’s policy committee lifted interest rates by another quarter of a percentage point on Wednesday afternoon, marking the 10th rate hike this cycle.
“I think there are questions about what this could mean, what’s the next shoe to drop for regional banks,” said Michael Goldberg from Case Western Reserve University’s Weatherhead School of Management. “There have been some jitters with the interest rate expected to rise and what this could mean for regional banks, whether it’s Key Bank here in Cleveland or PNC based out of Pittsburgh but has a large presence here. I think our local market is looking at what’s happening.
“The FDIC protection on deposits remains at $250,000, but what the Fed and the FDIC have shown, both with the SVB takeover and now First Republic, is that they are protecting depositors at even higher levels,” Goldberg said.
Source: Loan Digest (loandigest.net)
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