The Daily Money: Yes, you can withdraw cash from Silicon Valley Bank, Signature Bank again

Good morning, and happy Monday. It's Medora Lee, and I'm going to choose to look at the bright side today. 

After a lot of uncertainty over the weekend on whether depositors at Silicon Valley Bank and Signature Bank would ever see their money again. The Federal Reserve and Federal Deposit Insurance Corp. said Sunday they would backstop all the banks' deposits, and everyone would have access to their money today.

Great news for depositors, but bad news for investors who will lose all their money and people who ran those banks because they're fired. We're not yet sure how the "moral hazard" of saving banks is going to shake out, and how this will affect, if at all, the Fed's plans to keep raising rates until inflation is back to 2%. Oh, did I mention consumer inflation data are due out on Tuesday? Yikes. The Fed has its work cut out for it.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.