March 22 EST, the second half of Powell’s press conference coincided with Yellen’s attendance at the Senate hearing. Their statements on the Federal Deposit Insurance Corporation (FDIC) insurance limit were interpreted by the market as conflicting signals, resulting in violent market fluctuations.
The S&P 500 experienced a series of reactions, including a decline, rebound, oscillation, and then another sharp drop, achieving the largest drop in two weeks.
As scheduled, the Federal Reserve continued to raise interest rates by 25 basis points. The resolution statement deleted the previous eight statements that said it may be appropriate to continue to raise interest rates and changed it to say that some additional policy tightening may be necessary. Analysts believe that this statement suggests that the Fed’s interest rate hike cycle is approaching its end.
March 20th, Switzerland, a neutral country, used an “unprecedented” strategy to force the largest creditor of Swiss Credit’s risky bonds to clear its capital. This move sparked shock and anger in the market, resulting in funds continuing to flow out of European and American banks. The Saudi National Bank lost about 80% of its principal investment in Swiss Credit.
To quell the panic in the market, institutions such as the European Banking Authority and the European Central Bank issued statements to reassure investors that ordinary equity capital is still prioritized over the loss borne by additional tier one capital bonds. They emphasized that the “bond clearing” of Swiss Credit is only an isolated incident and not a precedent.
Swiss Finance Minister Karin Keller-Sutter stated at a news conference that the measures to clear Swiss Credit’s bonds had been agreed upon long ago to avoid Switzerland’s economy paying a hefty price. Due to fears of market panic, the measures were kept confidential.

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Yellen REFUSES to Bail out Banks: Huge Amount of Money Flows out of US & European Banks to Buy Gold

In a surprising turn of events, Treasury Secretary Janet Yellen has announced that the US government will not provide bailouts to struggling banks. This decision has sent shockwaves through the financial sector, leading to a massive outflow of money from both US and European banks, with investors flocking to buy gold as a safe haven asset.

The news of Yellen’s refusal to bail out banks came as a shock to many, as it goes against decades of precedent. In times of financial crisis, governments have often stepped in to rescue struggling banks, fearing that their failure would have a cascading effect on the entire economy. However, Yellen, known for her progressive stance and emphasis on social welfare, is taking a different approach.

Yellen’s staunch refusal to bail out banks is rooted in her belief that financial institutions should be held accountable for their actions and be made to bear the consequences of their own mistakes. She argues that propping up failing banks only encourages risky behavior and creates a moral hazard. Instead, Yellen suggests that the government should focus on providing support to individuals and businesses that have been adversely affected by the economic downturn.

This new stance has had a significant impact on the financial markets, with investors losing confidence in the traditionally secure banking sector. As a result, a massive amount of money has flowed out of US and European banks, seeking alternative investment options. And where are these funds finding refuge? Gold.

Gold has long been regarded as a safe haven asset, known for its ability to retain its value even in times of economic uncertainty. Investors are now flocking to the precious metal, considering it a more stable and reliable store of wealth compared to traditional banking institutions.

As a result of this surge in demand, the price of gold has skyrocketed, reaching new highs. Bullion dealers around the world are struggling to keep up with orders, as individuals, fund managers, and even central banks are buying up gold in record amounts. This trend has not only been witnessed in the US and Europe but also globally, as investors seek to protect their assets from potential financial instability.

While this shift in investment behavior may appear sudden, it is a reflection of the growing disillusionment with the banking sector and the increasing scrutiny on the actions of financial institutions. Yellen’s decision to let banks face the consequences of their actions may be seen as a step towards creating a more responsible finance industry. However, it also raises questions about the potential consequences for global financial stability.

As money continues to flow out of banks and into alternative assets like gold, the future of the financial sector remains uncertain. While the avoidance of bailouts may be seen as a way to discourage risky behavior, it could also lead to a lack of confidence in the system and exacerbate economic downturns. Only time will tell whether Yellen’s decision will be a turning point in how governments handle financial crises or if it will have unintended negative consequences in the long run.