>>Experts: Consumers Shouldn't Worry About Bank Failures
(Washington, DC) -- Financial experts are telling U.S. consumers not to panic after some high-profile bank failures. California's Silicon Valley Bank failed on Friday and that was followed by the closure of New York-based Signature Bank on Sunday. Earlier in the week, Silvergate Capital announced it would be winding down operations. Most money managers say the banks that failed are "specialized" and the FDIC will make all depositors' cash good.
>>Fed To Conduct Review Of Silicon Valley Bank
(Washington, DC) -- The Federal Reserve will conduct a review of Silicon Valley Bank following its collapse. The central bank announced it will carry out a review of the supervision and regulation of the bank. Fed Chairman Jerome Powell said the events surrounding the bank's failure demand a "thorough, transparent, and swift review" by the Fed. It will be publicly released by May 1st.
>>Doubt Raised Over Another Potential Interest Rate Hike
(New York, NY) -- Doubts are being raised over whether the Federal Reserve will hike interest rates yet again when it meets next. This comes after the collapse of two banks in recent days. One Goldman Sachs economist said over the weekend they "no longer expect" rates to be increased. The Fed has been rapidly hiking rates over the last year to fight inflation that hadn't been seen in decades. The most recent rate increase was a quarter-point.
>>Inflation Expectations Report Shows American Consumers Are Hopeful
(New York, NY) -- American consumers are hopeful they'll get some relief from soaring inflation. That's according to the New York Fed's Survey of Consumer Expectations. Folks put the one year inflation number at just over four-point-two percent. That's a drop of eight-tenths of a point and the lowest number in nearly two years. Despite that, respondents believe home prices will rise by nearly one-and-a-half percent.
>>National Equal Pay Day
(Washington, DC) --Today is National Equal Pay Day. It was established to bring awareness to the difference in pay between women and men for the same work. According to Census Bureau data, median full-time earnings are ten-thousand-dollars higher for men than they are for women. President Biden is urging Congress to pass the Paycheck Fairness Act to "(make) it harder for employers to justify disparities" in pay.
>>Pfizer Buys Seagen, Boosts Access To Cancer Treatments
(New York, NY) -- Pfizer is hoping to boost research and access to new cancer treatments with its latest multi-billion-dollar purchase. The pharmaceutical giant is spending roughly 43-billion dollars to buy Seagen Inc., based in Washington state. Pfizer then plans to let the biotech drug developer continue innovating, but now with more resources than it would have alone. Seagen specializes in anti-body drug conjugate ,or ADC technology, which are lab-made proteins that look for cancer cells and deliver a cancer-killing drug. A Pfizer spokesperson says cancer treatments are a priority for the company.