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Jerome Powell: Fed Will Use ‘All of Our Tools’ to Keep Banking System Safe

Federal Reserve Chair Jerome Powell said during Wednesday’s press conference that the Fed would use “all of our tools” to keep the banking system safe in the wake of the Silicon Valley Bank (SVB) collapse earlier this month.

By: JACOB BLISS 22 Mar 2023Washington, DC Breitbart

“Our banking system is sound and resilient, with strong capital and liquidity. 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.

“We are committed to learning the lessons from this episode and to work to prevent episodes from events like this from happening again,” Powell added.

The Federal Reserve Chair was referring to SVB collapsing at the beginning of the month when panicked customers suddenly withdrew tens of billions of dollars after it announced a loss of approximately $1.8 billion from selling its investments in U.S. treasuries and mortgage-backed securities.

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