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Chair Powell Asked On The Banking Sector Related Tightening

FED
  • Q: To what extend to your forecasts incorporate banking sector related tightening, or are you waiting to see it in the data?
    • A: I heard a significant number of people at the meeting that they anticipated there would be some tightening of conditions, and that would have the same effect as our policies do, so they were including that in their assessment. If that didn't turn out to be the case, we'd need more hikes.* In a way, the data in the intermeeting period pointed to higher rates, and this episode really offset that effect.
  • Q: Can the Funds rate sustain tighter conditions without damaging the banking sector, ie deposit erosion?
    • A: No, we think our monetary policy tool works. Our rate hikes were well-telegraphed to the markets.
  • Powell with little sympathy there for banks that didn't hedge rising rate risk.
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