ShreeMetalPrices: Federal Reserve holds an emergency meeting today in light to Silicon Valley Bank failure


United States Federal Reserve (Fed) will host a closed-door emergency meeting of the Board of Governors on Monday in response to the fallout the Silicon Valley Bank.

The meeting will take place via audio/video conference call and at the Board’s offices at 20th & C Streets, N.W., Washington, D.C., in accordance with the accelerated procedures outlined in section 261b.7 of the Board’s Regulations Regarding Public Observation of Meetings. Banks of the Federal Reserve will evaluate & decide on the advance & discount rates to be charged during the meeting. According to a statement by the Federal Reserve.

However, according to three persons familiar with plan. The Federal Deposit Insurance Corporation and the United States Federal Reserve intend to update California’s congressional delegation on Silicon Valley Bank failed at 11:00 p.m. Saturday, after cancelling a meeting earlier in the day.

As stated by one of the persons, the Treasury Department will provide a separate brief for lawmakers this Sunday at 1:00 p.m. The situation is unstable, therefore plans could be modifie.

The briefings coincide with discussions about what kind of reaction United States government should take to avoid contagion.

According to persons familiar with the situation, the FDIC & the Fed Reserve are considering setting up a fund that would enable the regulators to backstop more reserves at banks that encounter difficulties in the wake of Silicon Valley Bank’s failure in an effort to reassure depositors & stop any panic.