The US banking system may not be as strong as Powell and Yellen are saying, market veteran Ed Yardeni says
extend deposit protection
to smaller banks, she clarified on Wednesday that she had no intentions of extending"blanket insurance" for all deposits, implying that the FDIC's coverage would only apply to deposits under the $250,000 threshold. That could be a frightening prospect, considering that only $7.4 trillion of deposits are under the threshold to receive FDIC insurance, while $10.5 trillion remain vulnerable, Yardeni said.
"We would feel better if both Yellen and Powell wouldn't feel the need to assure us that the banking system is sound," he added. Critics have blamed the current turmoil in the banking system on ultra-loose monetary policy the Fed maintained over the past decade, which
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