Neil Kashkari, Chairman of the Federal Reserve Bank of Minneapolis (FRB), said on air GIS NewsProblems in the US banking system could push the country’s economy closer to recession.
He noted that the current situation in the banking system may adversely affect the real estate market and construction sector.
At the same time, he said it is not yet known whether the current troubles will cause a major collapse in the credit sector and how much they will affect the economy.
March 10 Federal Deposit Insurance Corporation (FDIC) Press Service reported About the destruction of the American Silicon Valley Bank (SVB), which ranks 16th in the list of the largest credit institutions in the USA.
By contrast, the Bloomberg agency, citing its analysts’ calculations, WroteDue to the collapse of Silicon Valley Bank (SVB), the venture capital market could collapse by a record 25-30% or $500 million.