Fed’s Jerome Powell: All Bank Depositor Savings Safe In Post FOMC Speech

Powell Speech Today: US Federal Reserve Chair Jerome Powell said during his post Federal Open Market Committee (FOMC) press conference speech that serious difficulties in small number of banks have emerged. In response to these events, the Fed along with the FDIC took prompt actions, he said. In his opening remarks, the Fed chair said isolated banking problems if left unaddressed can threaten banking system. He added that all bank depositors’ savings are safe amid concerns of a growing banking crisis.

Powell said in his speech that the Fed remains strongly committed to bringing down inflation to 2% and that the central bank will use all the tools needed.

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Earlier, the US Fed’s Federal Open Market Committee (FOMC) delivered a 25 bps hike on expected lines. This hike took the current target rate from 450-475 bps to 475-500 bps. The central bank said recent indicators point to modest growth in spending and production. Regarding the ongoing banking crisis, the Fed said the U.S. banking system is sound and resilient. The crypto market reacted in a mixed manner to the decision.

The central bank panel said that the unemployment rate has remained low while inflation remained elevated. It warned of tighter credit conditions for households and businesses as a result.

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