Federal Reserve officials on Friday said there was no indication financial stress was worsening as they gathered at a policy meeting this week, a fact that allowed them to stay focused on lowering inflation with another interest rate increase.
In separate appearances, three regional Fed bank presidents said they ultimately concluded that the March 10 collapse of Silicon Valley Bank
Speaking to reporters later, Bullard said that "SVB was a very unusual bank. Different from almost any bank in the country ... The tools we have deployed will be successful and will end up dealing more with the strong economy going through the spring and the summer and not worrying as much as we are right now about financial stress."
Other policymakers agreed that, despite an outbreak of global concern about financial stability over the last two weeks, it appeared there was no broadening crisis that would require the Fed to recalibrate its monetary policy and back away from another rate increase - even if the outlook going forward has become more cautious.by a quarter of a percentage point on Wednesday, its ninth straight increase.
"At the end of the day, what we decided was that there were clear signs that the banking system is sound, efforts that the Fed took with Treasury and the to deal with the difficulties of those banks seem to be working, and with that as a backdrop, inflation is still too high," Bostic said.
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