Emergency meeting of the Fed on Monday after the rapid collapse of the SVB (Silicon Valley Bank)

 Emergency meeting of the Fed on Monday after the rapid collapse of the SVB (Silicon Valley Bank)

The Federal Reserve Board of Governors has announced that it will hold an emergency meeting behind closed doors on 13 March 2023 at 11.30 a.m. on an expedited basis.

The emergency meeting is scheduled to address: "The Board of Governors' review and determination of the advance and discount rates to be charged by the Federal Reserve Banks."

It is likely that the sudden collapse and seizure of SVB Financial Group (SIVB) by the FDIC on Friday is the reason for the expedited Fed meeting.

SVB was the largest bank failure since the 2008 financial crisis, and its collapse sent shockwaves throughout the banking system. The status of billions of dollars in uninsured deposits is unknown until Monday.