Speeches, Interviews, Essays

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent.”

“The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell: “We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have…

“UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.” “In addition, and based on the Federal Council’s Emergency Ordinance, Credit Suisse and UBS can obtain a liquidity assistance loan with privileged…

“The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.” “To improve the swap lines’ effectiveness in providing U.S. dollar…

“The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu:” “Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large…

“The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.” “The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the…

The economy/monetary policy was not mentioned in this speech, however at the beginning of the speech, Bowman did acknowledge and outline the two recent bank failures and the steps taken by the Treasury, Fed and FDIC. “Today, I will address three issues related to innovation. First, I will briefly discuss how bank regulation and supervision…

Press Release is short – full text is below. “The Federal Reserve Board on Monday announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released by May 1.” “The events surrounding Silicon…

Treasury Press Release “After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of…

“To be sure, the labor market will continue to ebb and flow with the business cycle. Yet it’s time to consider whether our economy is entering a period of — on average — unaccustomed labor scarcity.” “To sum it up, COVID-19 has caused businesses, governments, and — yes — even economists to reassess their assumptions…