Morning Brew Daily Banks losing billions, Biden's budget and Czech Baseball Team side hustles
Mar 10, 2023
Banks are in turmoil after the fall of Silicon Valley Bank, raising fears of a potential run while fears remain low across the system. President Biden's budget proposals could lead to higher taxes for the wealthy and corporations. Meanwhile, the Czech baseball team balances their training for the World Baseball Classic with full-time jobs, showcasing their dedication. Plus, the stock market sees a surge for Weight Watchers amid strategic acquisitions, contrasting sharply with Allbirds’ struggles in the running community.
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Banking Sector Wipeout
- The banking sector experienced its largest single-day drop since the pandemic's start.
- Silicon Valley Bank (SVB), the primary bank for tech startups, lost significant value, impacting the whole sector.
Silicon Valley Bank Crisis
- Silicon Valley Bank's (SVB) issues stemmed from investing deposits in long-term bonds when interest rates were low.
- Rising interest rates and falling deposits led to losses, causing concern among investors and venture capitalists.
Jobs Report
- The US job market added more jobs than predicted in February.
- Softening wage growth offers positive news for inflation despite the tight labor market.