On Wednesday, Fed chief Jerome Powell announced the expected and unexpected…

The expected: The Federal Reserve pushed ahead with its 10th rate hike since March 2022.

The unexpected: Powell indicated the period of bank failures that have rattled markets and the economy since this March has come to an end.

Referring to the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, Powell said:

There were three large banks, really from the very beginning, that were at the heart of the stress that we saw in early March – the severe period of stress. Those have now all been resolved, and all the depositors have been protected… [The sale of First Republic to JPMorgan Chase] kind of draws a line under that period.

The very next day, shares of regional bank PacWest plunged nearly 60% after Bloomberg reported it was considering strategic options, including a sale.

That same day, Canada’s TD Bank Group called off its $13.4 billion takeover of First Horizon… triggering a near 40% fall in the U.S. regional bank’s shares.

Other regional banks followed lower…

Western Alliance fell nearly 60% as the Financial Times reported it’s exploring a potential sale. Zions Bank fell nearly 16% as the reports weighed on the sector.

The KBW Regional Banking Index fell as much as 5.5% on Thursday, hitting its lowest level since September 2020.

That begs the question: What is Powell smoking?

While the Fed boss is telling you the banking crisis is over… Daily editor Teeka Tiwari is warning that we’re weeks away from a $19.4 trillion bank run.

Thanks to his connections on Wall Street and the crypto space, Teeka has obtained intel that a new banking regime is set to take effect on June 1.

And he believes it’ll trigger a $19.4 trillion bank run… Sending a handful of cryptocurrencies skyrocketing.

Teeka recently recorded a strategy session to tell you exactly what it is. So if you have any money in the U.S. banking system, I urge you to stream the briefing right here.

When you join Teeka, he’ll discuss three new coins he believes could benefit from this bank run.

And give away his entire crisis-proof model portfolio with four assets that should perform well… regardless of what happens with our economy or banking system.

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New Regulation Will Open Floodgates of $20 Trillion Headed to Crypto
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This Marriage of Old and New Will Boost Crypto Adoption
We’re still in the first innings of the buildout. And those who get in now could see life-changing gains like early investors in Amazon, Apple, and Netflix.

Regards,

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Chaka Ferguson
Editorial Director, Palm Beach Daily