"Federal Reserve Chair Powell Criticizes Silicon Valley Bank Management"

Federal Reserve Chairman Jerome Powell criticized the management of Silicon Valley Bank (SVB) for failing to manage the bank’s exposure to interest-rate risk and uninsured deposits. SVB was overexposed to long-dated Treasury securities that created substantial interest-rate risk as the Federal Reserve hiked rates to tamp down inflation. The bank's stock plummeted and sparked concern among depositors who rushed to take their money out, exacerbating the bank's woes and prompting its failure.