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(Reuters) - Some 1,804 depository institutions tapped the emergency lending facility set up last March in the wake of Silicon Valley Bank's collapse, amounting to about 20% of all eligible firms, the Federal Reserve said on Friday.About 95% of the borrowers, which included banks, credit unions, savings associations, and branches and agencies of foreign banks, had less than $10 billion in assets, the U.S. central bank said in its semi-annual Financial Stability Report.The Bank Term Funding Program, as it was called, was aimed at addressing a liquidity crunch after a run on deposits led to the failures of SVB and…

A man who allegedly took part in scamming a 70-year-old Carlsbad woman out of around $1.4 million of her life savings has been charged by San Diego federal prosecutors with conspiracy to commit wire fraud, the U.S. Attorney's Office said Thursday. Prosecutors say Xilin Sun, 35, of Ontario, worked alongside a group of people who tricked the victim into handing her money over because she mistakenly believed her bank account information had been compromised. According to the U.S. Attorney's Office, the woman's ordeal began with a pop-up message that appeared on her computer, which informed her that her computer had…

(Reuters) -U.S. banking regulators are planning to revive a proposal that would require big banks to defer executive compensation and claw back more of their bonuses if losses pile up, the Wall Street Journal reported on Friday.Six agencies, including the Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC), are involved in developing the plan, the report said, adding that the measure could be proposed in the coming days.The Federal Reserve is not involved in drafting the proposal, the report said.Executive pay on Wall Street has long been a hot-button issue, with critics pushing…

Submitted by GoldFix for ZHAuthored by Jim Willie CB The time has come to cite the many reasons why Gold has risen, and why Gold will continue to launch to much higher levels. The USGovt debt and USTreasury Bond default, in my opinion, deserve the lead factors along with powerful price inflation. These factors are not featured in the press. The Jackass has stated for the last five years, to impatient clients and frustrated colleagues, that the Gold price will not break above the $2000 mark with momentum in a sustained manner until the USGovt debt is widely perceived to…

A reader asks: I get all the stuff Ben has been saying about inflation — wages have kept pace, economic growth has been higher than the 2010s, wages have risen the most for lower income people, etc. I get all that. My husband and I own a house and own stocks so we’ve benefitted in recent years. Having said all of that, I STILL CAN’T GET OVER HOW HIGH PRICES ARE!!! The grocery store, home/auto insurance, restaurants, babysitters for the kids…everything is more expensive. So how do I get over the sticker shock? Will it just fade eventually as we…

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 A few years ago I was invited to speak to a group of about 120 Chinese investors visiting the UK to explain how the gold market in London, as the global epicentre, operates – essentially infrastructure. They were wealthy, influential and from right across the country. None of them, it seemed, spoke English, so the presentation was via an interpreter. At the conclusion I was met with a stoney silence – a sense of antipathy pervaded … perhaps hostility.  Even with minimal expectations, this marked a new low.   I asked the interpreter what was going on and she huffed and…

(Bloomberg) -- Treasuries all but erased their biggest rally of the year as investor focus shifted back to the US inflation outlook following an escalation of Middle East conflict that stoked demand for havens.Most Read from BloombergThe US 10-year yield rebounded to nearly 4.63%, within a basis point of Thursday’s closing level, after falling as much as 14 basis points to the lowest level in more than a week. Haven demand spurred by the Iran-Israel missile exchange began to ebb on indications that a broader conflict isn’t imminent. Flows included demand for options offering protection against the 10-year yield reaching…

(Bloomberg) -- Global central bankers fretting about geopolitics just got another sharp reminder overnight about the potential threat that the Middle East poses to their inflation fight.Most Read from BloombergIn the same week that multiple monetary officials meeting in Washington said they’re on the lookout for potential oil shocks that could reignite consumer-price growth, Israel’s attack on Iran on Friday caused just the sort of price fluctuations that could test their nerves.The strikes reported around targets in Isfahan prompted a jump of more than 4% in crude to above $90 a barrel, before erasing that gain to trade lower on…

(Bloomberg) -- As Joe Biden this week hailed America’s booming economy as the strongest in the world during a reelection campaign tour of battleground-state Pennsylvania, global finance chiefs convening in Washington had a different message: cool it.Most Read from BloombergThe push-back from central bank governors and finance ministers gathering for the International Monetary Fund-World Bank spring meetings highlight how the sting from a surging US economy — manifested through high interest rates and a strong dollar — is ricocheting around the world by forcing other currencies lower and complicating plans to bring down borrowing costs.Just as officials began arriving in…

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.“If higher inflation does persist,” he said, “we can maintain the current level of (interest rates) for as long as needed.”The Fed chair’s comments suggested…

As the cannons roared at the outset of the Civil War, and the Union and Confederacy armies marched for battle – an equally fierce economic battle raged behind the scenes.To fund the war effort, both the Union and the Confederacy introduced their own currency in a financial arms race. In this edition of GoldSilver Nuggets, we delve into the decisive role of these economic strategies and how the fate of these currencies ultimately helped turn the tide of the war.But first, let’s look at the week’s gold news.Iran Strikes Against Israel and Investors Flock to Gold  Gold touched an all-time…