Over the past decade, the U.S. Federal Reserve has manipulated asset prices by interfering with free markets, deciding what both short- and long-term interest rates should be.
The discount on the assets makes the deal immensely accretive to First Citizens' tangible book value and earnings power. First Citizens is also getting new businesses that have performed very well in the past.
Wall Street is off to a solid start for Wednesday, as investors continue to emerge from their hiding places looking to see if the coast is truly clear from that pesky banking crisis.
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