Yellen financial stability meeting indicates system remains strong and resilient

News earlier in the day that Treasury Secretary Yellen was meeting with regulators offered some support for markets and hope for weekend action to shore up deposits. The initial reading was vague:

The statement was:

Today, US Treasury Secretary Janet L. Yellen convened a meeting of the Financial Stability Supervisory Board (Board) in executive session via videoconference.

During the meeting, Council heard a presentation from the staff of the Federal Reserve

Federal Reserve

The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks around the world, the Fed is responsible for monetary policy, in this case in the United States. The Fed is one of the most watched and followed entities for forex traders, given its large impact on the US dollar. Originally founded in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the

The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks around the world, the Fed is responsible for monetary policy, in this case in the United States. The Fed is one of the most watched and followed entities for forex traders, given its large impact on the US dollar. Originally founded in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the
Read this term Bank of New York on market developments. The Board discussed current conditions in the banking sector and noted that although some institutions are struggling, the US banking system remains strong and resilient. The Board also discussed member agencies’ ongoing efforts to monitor financial developments.

Separately, the US reported that bank deposits fell to just $17.5T from $17.6T in the week ending March 15. Next week’s data will be more telling and some of that money is moving from the smaller banks to the larger ones, but there doesn’t appear to be a broad run here.