Meredith Garretson Morbey

Latest from Meredith Garretson Morbey

• 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

  Who will pay the bill for these bank failures?

  

  Since the government takeover of the failed Silicon Valley and Signature banks, questions have been swirling about where the money is coming from to ensure depositors’ money. We look at the agencies involved and how costs may eventually be passed on to consumers, despite officials’ assurances to the contrary. Amid the SVB crisis, there’s also been a reckoning about the rules and oversight that govern small and medium-sized financial institutions. And, schools in parts of Maine are seeing an unexpected drop in funding because of higher property values in surrounding communities. 

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• Mar 14, 2023

  HSBC boss after SVB acquisition: You can bank on us

  

  From the BBC World Service: With global markets still reeling from the failure of Silicon Valley bank, we hear from the CEO of HSBC who bought the UK arm for £1 on Monday. BBC Beijing correspondent Stephen McDonnell reports from China where the doors to foreign visitors will open from next week. Plus, is there hidden Nazi gold in a Dutch town? The BBC’s Anna Holligan has been to find out.

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• Mar 13, 2023

  Biden: SVB deposits and banking system “safe”

  

  President Biden, in remarks delivered Monday morning, said that the U.S. banking system is “safe” and that depositors at the failed Silicon Valley and Signature banks would have full access to their deposits. The president’s messaging comes amid a wider campaign by federal officials to tame potential panic over this weekend’s banking debacle, according to Marketplace’s Sabri Ben-Achour. And, we got in touch with economist Julia Coronado to discuss how higher interest rates — which have come after a sustained period of near-zero rates — could have contributed to the crisis. 

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• Mar 13, 2023

  Three days later, what’s come of the SVB takeover?

  

  Since the collapse — and subsequent government takeover — of Silicon Valley Bank on Friday, the fallout on the wider financial system has led to a new federal lending program and the shutdown of Signature Bank. We talk with Karen Petrou, managing partner at Federal Financial Analytics, about what steps regulators have taken in the wake of the debacle — and what they may have missed in the leadup to the chaos. And, a word from the UK’s top financial official on HSBC’s acquisition of SVB’s operations in that country.

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• Mar 13, 2023

  HSBC buys SVB UK

  

  From the BBC World Service: After late night discussions SVB’s UK operation has been snapped up by HSBC, for one pound. Francis Coppola, an independent banking analyst explains what impact the failure of SVB has had in the UK. Plus, with Oscars handed out we look at the growth of the movie industry in Nigeria, which now produces more films every year than Hollywood.

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• Mar 10, 2023

  The jobs report is out, and it’s a hard one to parse

  

  The much-anticipated February jobs report is out, and it’s a harder one to dissect than last month’s — job gains exceeded expectations, but the unemployment rate ticked up. Christopher Low, chief economist at FHN Financial, gives us some insight. President Biden released his budget request yesterday, which could serve as a policy preview for a potential 2024 reelection campaign. And, we take a look at what big players in the energy industry are talking about at a big conference going on in Houston right now. 

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• Mar 10, 2023

  Inside the obscure lives of modern railcar-riding wanderers

  

  The image of a person jumping between railcars and transient living may evoke images of old 20th-century films like “The Outsiders,” but a subculture of modern rail riding is going strong today. We spoke with Danelle Morton, host of the new podcast “City of the Rails,” which delves into this unseen world. A look at why some bad news in the banking sector caused a stock selloff in that area. And, a preview of today’s much-anticipated jobs report. 

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