First Republic Bank stock drop triggers concerns over recession
Later this week, the Bureau of Economic Analysis will release the Q1 2023 GDP report. A recession is defined by economists as two consecutive quarters of negative GDP growth.
In Q4 2022, GDP grew 2.6 percent, which means that if the report for Q1 2023 shows negative GDP growth, it will not be enough evidence to declare the economy has entered a recession.
Economic uncertainty has rattled financial markets over the last month, particularly after the collapse of Silicon Valley Bank. The investor led bank run created concerns for investors in other banks, like First Republic Bank. Just this year Frist Republic has seen a loss of forty-percnt of deposits as those holding more than the FDIC insured amount of $250,000 take their money elsewhere. Now, the stock of First Republic is tanking, and so far the federal government has shown no signs that they plan to intervene.
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April 27, 2023 at 04:07PM
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