Navigating the Fed's Balancing Act During a Banking Crisis.

The Federal Reserve faces a difficult decision on Wednesday as it prepares to deliver one of the most consequential decisions on interest rates of the Jerome Powell era amid a banking crisis. Investors are acting as though First Republic, which saw its shares plummet by 47% on Monday, is high on the list of nearly 190 lenders at risk of failure. The consensus is for a 0.25% increase, but some economists argue that instability in the banking sector will have a disinflationary effect as lenders take fewer risks with their capital reserves, but don’t think that the Fed should stop raising rates. Meanwhile, UBS's Colm Kelleher will oversee Switzerland’s sole remaining banking giant, including a hugely valuable wealth-management arm and, soon, a dominant domestic retail bank.