Banking stress increases risk of U.S. recession, warns Fed's Kashkari
TL;DR Summary
Minneapolis Fed President Neel Kashkari has said that the latest turmoil in the US banking sector could bring the country closer to a recession. Kashkari added that Fed officials are monitoring the impact from the fallout of the banking sector "very, very closely," and the current system has the "full support" of the Federal Reserve. The banking system has a strong capital position and a lot of liquidity and has the full support of the Federal Reserve and other regulators standing behind it.
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