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The US Fed started to increase rates in early 2022, taking and the total interest rate up by 450 bps. The current FED rate is 4.75%.

Analyst sentiment, measured by the proportion of ‘buy/hold/sell’ ratings, has been hit over the past year, with the percentage of ‘buy’ ratings moderating to 71% from 73% a year ago.

Gold gained on worries about the US banks as Silicon Valley Bank defaulted, which led to spillover concerns. Some softer than expected data in the US nonfarm payroll report for February also boosted the metal.

"Investors have re-rated banks on a sectoral basis, initiated a huge flight into the safety of short-term (Treasury) notes, and options pricing reflects those fears," said Steve Sosnick, chief strategist at Interactive Brokers.

Wiles disagreed, saying that Voyager and its employees should not be penalized for carrying out a court-approved sale to Binance.US. If the DOJ or any government agency had evidence of misconduct specifically related to the bankruptcy, they should have presented it in court, Wiles said.

The responsibility of building regulatory frameworks and setting the foundation for Web3 security in the country rests with the public sector, regulators and law enforcement agencies

Traders have been on guard this week for signs of contagion in the financial sector and beyond from troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to wind down operations and voluntarily liquidate.

The report comes after SVB, which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

The Nifty Pharma Index fell about 6% so far this year on a year-to-date basis. The price pressure in US generic market is seen as a key drag for the sector

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