US Banking System Is ‘Sound and Resilient,’ Says Fed Chair Powell
The U.S. banking system is “sound and resilient” as it maintains strong capital and liquidity conditions, Federal Reserve Chair Jerome Powell told reporters after the policy-making meeting of the Federal Open Market Committee (FOMC).
Powell highlighted that the central bank took decisive actions with the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) in the aftermath of the failures of Silicon Valley Bank (SVB) and Signature Bank.
“We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,” Powell said. “In addition, we are committed to learning the lessons from this episode and to work to prevent events like this from happening again.”…