CNN: Treasury Sec Yellen To Huddle With Bank Execs On Thursday

CNN has reported that Treasury Secretary Janet Yellen will meet with bank CEOs, including JPMorgan Chase's Jamie Dimon and Citigroup's Jane Fraser, on Thursday. The meeting has been previously reported but unconfirmed.

• CNN reports that the meeting will focus on "the debt ceiling as well as the banking crisis."
• Dimon told reporters last week that his bank is operating a "war room" to manage risk from a default which could meet "up to three times a day" from around May 21.
• He said: "We've got to be very careful about getting close" to a default, which he warned could cause a financial panic.
• Dimon continued: "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients."
• Politico reported last week: "The Biden administration is often careful to keep Wall Street at a distance because large banks are unpopular with many Democrats. But industry executives say that with the so-called X-date approaching [...] they are eager to speak directly with the administration on possible paths forward to avoid a potential economic calamity."