March 22, 2023 19:06 GMT
Powell Says Speed Of SVB Run Suggest Need For Regulatory Changes
FED
Metals bulletEM BulletFixed Income NewsHomepageCommoditiesEnergy BulletsBulletMarketsEmerging Markets NewsForeign Exchange News
- Q: At the last meeting you discussed the possibility of runs on non-bank financial institutions and the impact of unrealized bank losses?
- A: Honestly I don't recall the specifics of that, it's been an interesting 7 weeks. But there have been presentations about interest rate risks, not a surprise.
- The supervisory team was apparently engaged with SVB.
- The speed of the run is very different from what we've seen in the past, which suggests a need for possible regulatory and supervisory changes.
79 words