Free Trial

MNI BRIEF: Yellen Says U.S. Banking System Is Stabilizing

(MNI) WASHINGTON

Treasury Secretary Janet Yellen said Tuesday the U.S. banking system is stabilizing, while Treasury remains committed to ensuring the ongoing health and competitiveness of America's regional banks.

"The situation is stabilizing. And the U.S. banking system remains sound. The Fed facility and discount window lending are working as intended to provide liquidity to the banking system. Aggregate deposit outflows from regional banks have stabilized," she said, according to excerpts of a speech to be delivered to the American Bankers Association.

"Let me be clear: the government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe," she added. (See: MNI FED WATCH: 25BP Hike Likely Unless Banking Crisis Worsens)

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
True
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.