Fed raises rates as bank crisis worsens

Posted on AllSides May 3rd, 2023
From The Center

Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. banking system is “sound and resilient.” He made the case that the demise of First Republic Bank marked the end of the crisis that began in March when Silicon Valley Bank and Signature Bank failed. “There were three large banks, really from the very beginning, that were at the heart of the stress that we saw in early March — the severe period of stress. Those have now all been resolved, and all the depositors have been protected,” Powell told...

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