This just in: CEO Chris Shuba in Financial Planning

Read the highlights of this week’s commentary from Helios:

  • Silicon Valley Bank’s failure late last week and over the weekend rattled global markets. The yield on US bonds fell sharply and equities sold off considerably to close the week.
  • Banking regulators have backed depositors with money at Silicon Valley Bank and Signature Bank, which was shut down over similar contagion fears, giving them full access to their deposits. Multiple moves have been approved to protect depositors, such as using the FDIC’s deposit insurance fund to cover depositors and the creation of a new Bank Term Funding Program aimed at safeguarding institutions affected by the market instability of the SVB failure.
  • In other economic news, the jobs data last week was strong. Despite layoff announcements, the unemployment rate (3.6%) and job openings (10.8m) signal a tight labor market.

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