What caused the banking meltdown?

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The Federal Reserve Headquarters are pictured on March 21, 2023 in Washington, DC. The Federal Open Market Committee is meeting today to decide on a possible interest rate hike in the middle of ongoing banking turmoil after the of failures of Silicon Valley Bank, Signature Bank and Silvergate.
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Lawmakers investigate what led to the second-largest and third-largest bank collapses in US history — and how to prevent it
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MUNICH, GERMANY - MARCH 27: Members of the Railway and Transport Union and of the United Service Union (ver.di) protest in Munich city centre during a nationwide strike on March 27, 2023 in Munich, Germany. Air travel and long distance rail service have mostly been shut down across Germany today. Labour unions representing over two million public sector employees are pushing for steep wage hikes due to the current high level of inflation.
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