US Banking Crisis Spreading, More Banks at Risk: Swedbank Strategist

A strategist at Swedbank has warned that the US regional banking crisis is spreading, with Pacwest Bank, Western Alliance Bank, and First Horizon Bank all having been subject to financial meltdowns. The Swedbank strategist further cautioned that a vicious spiral may be about to take hold. Despite multiple bank failures, Federal Reserve Chairman Jerome Powell stated that the US banking system is "sound and resilient" as Fed officials raised interest rates by 25 basis points this week.