Jerome Powell Did Community Banks Dirty

In this exhilarating episode 216 of The Higher Standard Podcast, Chris, Saied, and Haroon dive into the the tumultuous tumble of regional bank stocks, led by New York Community Bancorp's dramatic diva moment — cutting dividends and flaunting losses like it's going out of style. But don't let NYCB's solo act fool you; while they're busy singing the blues and getting sued by shareholders for a throwback to their 1997 stock price, Moody’s isn't here for the nostalgia, slapping them with a junk rating faster than you can say "financial meltdown." Meanwhile, Powell plays it cool, promising rate cuts with the enthusiasm of a parent telling their kids they’ll think about getting a puppy.

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Resources:

Regional Bank Stocks Fall After New York Community Bancorp Cuts Dividend, Posts Loss (The Wall Street Journal)

New York Community Bank’s Problems Look Mostly to Be Its Own (The Wall Street Journal)

New York Community Bancorp is sued by shareholders as stock sinks to 1997 level (Reuters)

Moody’s Cuts NYCB to Junk, Extending Sharp Decline in Shares (The Wall Street Journal)

Powell insists the Fed will move carefully on rate cuts, with probably fewer than the market expects(CNBC)

Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says (CNBC)

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