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Chair Powell Begins FOMC Press Conference

FED
  • Powell starts by addressing recent issues at a "small number of banks". Says that "isolated" banking problems if unaddressed can threaten the ability of the banking system as a whole to support savings and credit needs of households and businesses.
  • Describes the Bank Term Funding Program the Fed launched with the Treasury. With the discount window, " ample liquidity in the system is available."
  • Fed 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."

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