'Talk ourselves into a recession': Bank in coronavirus hotspot has doubts over Fed rate cut [Yahoo! Finance News]
Cadence Bank (CADE)
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Source: Yahoo! Finance News
The Federal Reserve slashed interest rates by half a percentage point effects of the coronavirus But a Seattle-based regional bank doubts that lower interest rates will build confidence in a community grappling with its own coronavirus outbreak. In the suburb of Kirkland, Washington, an outbreak at a nursing facility led to 10 deaths alone. WaFd Bank “The reality is, there was no crunch on credit where credit wasn’t available last week before the Fed cut,” Beardall told Yahoo . “Businesses in Kirkland that needed lending capacity, it was there and available to them. And today it’s a little bit cheaper but what does 50 basis points really do? I’m not sure it does that much.” Banks may feel the squeeze in the interim. Houston-based Cadence Bancorporation told investors hours after the rate cut that the bank is confident in its ability to navigate the choppy waters of Fed policy but warned that the industry may not. In October, Citigroup warned that lower interest rates posed a “large ch
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