Powell assures safety of US banking system amidst SVB collapse.
TL;DR Summary
Federal Reserve Chair Jerome Powell stated that Silicon Valley Bank's management "failed badly" but its weaknesses do not pose a threat to the US banking system. The bank was seized by regulators on March 10 following a massive outflow of deposits triggered by fears that followed a disclosure of bond losses and an attempted capital raise. Powell also assured that all depositors' savings and the banking system are safe, and that the deposit flows in the banking system have stabilized over the last week.
Topics:business#banking-crisis#depositors#federal-reserve#finance#interest-rates#silicon-valley-bank
- Powell: Silicon Valley Bank was an 'outlier' Yahoo Finance
- Federal Reserve will keep U.S. bank deposits safe: Powell press conference Seeking Alpha
- Fed's Powell: Recent balance sheet expansion not tied to monetary policy Reuters
- Powell: Tightening Credit Conditions from Bank Turmoil 'Unclear;' but Could be 'Quite Real' The Wall Street Journal
- Powell says banking system is ‘sound’ following SVB collapse The Hill
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
85%
569 → 84 words
Want the full story? Read the original article
Read on Yahoo Finance