David Brancaccio

Latest from David Brancaccio

• Mar 17, 2023

  Uproar in France as pension reform is pushed through parliament

  

  From the BBC World Service: There have been protests inside and outside the French parliament as President Emmanuel Macron invoked special constitutional powers to pass his contentious pensions bill, which he said is needed to ensure the system does not go bust. BBC Paris Correspondent Hugh Schofield was watching proceedings unfold in the French capital. Plus, today is St Patrick’s Day, so how does Ireland make the most of this opportunity when it comes to trade? Marketplace’s Leanna Bryne’s been finding out.

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• Mar 16, 2023

  Biden calls for more EPA funding in aftermath of Ohio train disaster

  

  The Biden administration has called for a boost in funding for the Environmental Protection Agency in the wake of the derailment of a Norfolk Southern train in Ohio. The ask came in form of the president’s budget request to Congress, where it faces long odds in the divided legislature. Credit Suisse, the megabank that received a lifeline of over $50 billion this morning from the Swiss central bank, has been a risky institution for a long time, explains 7IM’s Ben Kumar. And, a look at how the latest economic data may influence the Fed’s upcoming decision on interest rates.

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• Mar 16, 2023

  The threat of “moral hazard” post-SVB collapse

  

  Part of the government’s rescue actions amid the collapse of Silicon Valley Bank and Signature Bank was the establishment of a new Fed emergency lending program for banks in crisis. According to analyst Joseph Wang, the program could incentivize riskier behavior at banks. Credit Suisse, one of the world’s largest banks, has been extended a lifeline by the Swiss central bank. And, Biden administration has proposed stricter standards to regulate so-called “forever chemicals” in drinking water.

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• Mar 16, 2023

  Credit Suisse thrown a lifeline

  

  From the BBC World Service: Credit Suisse shares have bounced back after a $54bn vote of confidence from Switzerland’s central bank. But how will volatility in the banking sector affect an interest rate decision due today from the European Central Bank? Plus, in the Netherlands a farmers’ protest party has emerged as the big winner in provincial elections. They’ve been campaigning against government plans to buy livestock farms with the aim of cutting ammonia and nitrogen oxide emissions.

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• Mar 16, 2023

  Could the Fed’s new emergency bank lending program encourage risky behavior?

  

  The Fed’s new program may incentivize banks to take more risks, says analyst Joseph Wang.

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• Mar 15, 2023

  Why are people skittish on banks even if they hold “safe” assets?

  

  One of the many questions around the two recent U.S. bank failures is why depositors became so spooked even when their bank held supposedly-safe assets like Treasury bonds. The answer, says Susan Schmidt, is largely because of those bonds’ decreased value because of higher interest rates. Credit Suisse, one of the world’s largest financial institutions, saw its stock nosedive this morning after it revealed it had been audited for shoddy accounting practices. And, a look at why sustainable versions of popular products are finding a growing niche in the market. 

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• Mar 15, 2023

  World Bank chief nominee underscores climate change fight

  

  Ajay Banga, the former CEO of Mastercard and U.S. nominee for the World Bank presidency, is on a global “listening tour” to garner support for his bid. While speaking with global business and government leaders, one thing he underscored was the importance of the fight against climate change in the upcoming years. Mortgage rates have been down in recent days amid unease about the financial sector following the collapse of two U.S. banks. And, a look at how hip-hop was shaped by economic pain in 1970s New York City. 

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• Mar 15, 2023

  Despite Credit Suisse rumblings, Europe says its banks are resilient

  

  From the BBC World Service: The European Union’s banking regulator says it doesn’t see “any threat to financial stability of European Banks”, following the collapse of SVB. We ask an economics professor at a French business school why European banks are less likely to fail. We spoke to him before Credit Suisse’s shares collapsed after a major shareholder said it would not continue to invest. Also, the UK Government will be hoping for less turmoil as it prepares to announce its budget; the last one led to the pound reaching record lows and cost the then Prime Minister her job. Plus, we report from Beirut where the Lebanese currency is in freefall.

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• Mar 14, 2023

  Inflation is still high. But will the Fed raise rates next week?

  

  The SVB banking mess complicates the Federal Reserve’s path forward on interest rates — there are concerns about higher rates putting stress on the financial system, but the latest Consumer Price Index shows that inflation is still too high. Jeffrey Cleveland of Payden & Rygel has more. The banking crisis has prompted questions around whether regulators failed to detect — or act upon — red flags in either of the failed banks, explains Wharton professor Peter Conti-Brown. And, last week’s jobs report showed that women are becoming increasingly involved in the labor force after a pandemic-era dip.

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• Mar 14, 2023

  Did regulation fail in the recent bank failures?

  

  Regulators likely failed to catch and act upon red flags at both failed banks, argues Wharton professor Peter Conti-Brown.

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