The Federal Reserve Chairman, Jerome Powell, delivered a speech on Capitol Hill in which he stated that the Fed is willing to accelerate rate hikes if inflation and employment data support it. The most recent jobs report showed a 311,000 increase in payrolls, exceeding expectations of 225,000, which opened up the possibility of a 0.5% rate increase at the upcoming Fed meeting on March 22. On Thursday it became known that two banks are in trouble. Crypto-focused Silvergate announced the shutdown of its operations, being dragged down after the FTX implosion. Meanwhile, Silicon Valley Bank is in a complex situation having suffered a deposit loss of $5 billion.
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