Mohamed El-Erian warns of 'collateral damage' from the JPMorgan-First Republic deal, and points to 4 unintended consequences
Top economist Mohamed El-Erian warned of further"potential collateral damages" from the failure of First Republic Bank and its subsequent takeover by JPMorgan.
The economist has repeatedly criticized the Federal Reserve for dismissing inflation as transitory a couple of years ago, only to end up scrambling to contain the problem later by unleashing the most aggressive monetary-tightening campaign since the 1980s. "Second, there is even greater doubt about the nature of the de facto deposit insurance system in place."
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Big banks are bidding for troubled First Republic as FDIC deadline looms | CNN BusinessFederal regulators are holding an auction for ailing regional bank First Republic, a person familiar with the matter tells CNN.
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AUD/USD stays bearish near 0.6600 amid China, First Republic inflicted fears ahead of RBA, FedAUD/USD stays bearish near 0.6600 amid China, First Republic inflicted fears ahead of RBA, Fed – by anilpanchal7 AUDUSD RBA Fed RiskAversion NFP
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Sources: PNC, JPM putting in final bids for First Republic in FDIC auctionReuters quotes anonymous sources familiar with the matter while saying, “PNC Financial Services Group and JPMorgan Chase & Co were among banks set to
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PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auctionRegulators have been trying to arrange a sale of First Republic over the weekend, with roughly half a dozen banks bidding, in what is likely to be the third major U.S. bank to fail in two months.
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PNC has inside track on bids for embattled First Republic Bank: reportPNC Financial Services is on the inside track of bidding on First Republic Bank, as the bidding deadline looms and the struggling bank's stock were free-fall earlier this month
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First Republic fate, Apple earnings, jobs data and Fed decision top week aheadFirst Republic's future, the Federal Reserve's decision on interest rates and Apple earnings are just a few of the big market moving events ahead for investors in the coming week.
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