Topline
The sudden collapse of startup lender Silicon Valley Bank—which has culminated in the biggest bank failure since the Great Recession—has wreaked havoc on stocks and sparked fears of a potentially systemic conundrum, and though experts say the fears are largely overblown, they also warn the related effects of the Federal Reserve’s interest rate hikes will continue to ripple through the economy for quite some time.
Key Facts
Contagion fears have gripped the market this week as the financial sector led a broader stock plunge following crypto bank Silvergate’s shutdown on Wednesday and SVB’s similarly sudden closure on Friday, when it was shuttered by a California regulator in the biggest bank failure since the Great Recession.
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