Treasury Secretary Janet Yellen stressed that the ongoing stress in the banking industry is quite different from the 2008 financial meltdown. “This is different from 2008. 2008 was a solvency crisis. Rather, what we’re seeing are contagious bank runs.”
US Federal Reserve Board Chair Jerome Powell testified before the Senate Banking, Housing and Urban Affairs Committee on"The Semiannual Monetary Policy Report to the Congress," on Capitol Hill on March 7.
The rebound was led by a surge in regional bank stocks. Shares of First Republic jumped nearly 17% after falling 47% to a new low on Tuesday. The SPDR S&P Regional Banking ETF, which tracks a number of small and mid-sized banks, was up 3.7% in pre-market trading. Still, it's unclear if Wall Street sees clear skies ahead or if markets are sitting in the eye of of the storm.
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Janet Yellen is selling bank crisis short as execs fear dozens more teeter on brinkThe ill-fated Silicon Valley, Signature banks, and today’s latest headache, First Republic, are the festering sores that signal an even greater degree of banking rot.
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Treasury Secretary Janet Yellen says bank situation is ‘stabilizing’ and system is ‘sound’Treasury Secretary Janet Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound.”
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If bank crisis expands, feds can protect small lenders, Janet Yellen to say“The steps we took were not focused on aiding specific banks or classes of banks,” the treasury secretary will tell the American Bankers Association on Tuesday.
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First Republic surges 50% after Janet Yellen pledges US banks supportSan Francisco-based First Republic was up 51%, bouncing back after suffering a 90% drop this month — including nearly a 50% plunge on Monday.
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Signature Bank taken over by Michigan-based Flagstar Bank after failureTreasury Secretary Janet Yellen has said the banking system 'remains sound' despite the recent bank failures.
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What's happening in the bank sector is nothing like the 2008 financial crisisMuch about the last 10 days has felt like the 2008 global financial crisis. But there are crucial differences that lower the risk this episode will have the same seismic impact on the world economy.
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