U.S. analyst says Fed's aggressive rate hike hurts SVB

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U.S. analyst says Fed's aggressive rate hike hurts SVB

STORY: U.S. analyst says Fed's aggressive rate hike hurts SVB DATELINE: March 16, 2023 LENGTH: 00:01:33 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of the U.S. 2. SOUNDBITE 1(English): LARRY BENEDICT, CEO & founder of The Opportunistic Trader 3. various of the U.S. 4. SOUNDBITE 2(English): LARRY BENEDICT, CEO & founder of The Opportunistic Trader STORYLINE: A U.S. market analyst has recently said that the Federal Reserve's aggressive rate hike hurts Silicon Valley Bank (SVB), which collapsed last week. Larry Benedict, CEO and founder of The Opportunistic Trader, a U.S. market research firm, said this in an interview with Xinhua on Tuesday. SOUNDBITE 1(English): LARRY BENEDICT, CEO & founder of The Opportunistic Trader "And I feel like they (SVB) felt comfortable that rates were gonna stay low for an extended period of time, which they totally misread. And then obviously by the Fed raising really aggressively up to about 5 percent, that really hurt them, because they had loans out long

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