Silicon Valley Bank, Santa Clara, California, was closed on March 10, 2023, by the California Department of Protection and Innovation. The Federal Deposit Insurance Corporation was named receiver and will facilitate the unwinding of Silicon Valley Bank’s deposits and assets.

Investment industry analysts and experts are debating whether a recession will occur in 2023.

Last year was an emotional rollercoaster for stock and bond investors as both markets experienced significant volatility and negative returns. Russia’s Ukraine invasion, rising inflation, and recession fears dominated daily headlines.

Since October 13th global stock markets have rallied 11% on lower-than-expected September U.S. inflation numbers and expectations that central banks will slow the speed of future interest rate increases.

Q3 2022 Review & Outlook

Last week, the U.S. Federal Reserve raised its overnight lending rate by 0.75% and signalled further rate hikes given the recent inflation rate of 8.3%. As a result, stock markets sold off back to their summer lows.