HomeEconomyLogs show Fed's Powell held a series of meetings during March's banking... Economy Logs show Fed's Powell held a series of meetings during March's banking turmoil By farahat June 2, 2023 0 50 views Share FacebookTwitterPinterestWhatsApp UBSG +2.10% Add to/Remove from Watchlist Add to watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: (Reuters ) – Federal Reserve Chairman Jerome Powell on the phone with UBS CEO (Six: 100 UBS ) Swiss authorities push the bank to buy smaller A few days before rival Credit Suisse, it was just one of dozens of conference calls Powell has held since the banking crisis erupted in mid-March. According to the minutes of Powell’s March monthly meeting released by the Federal Reserve on May 5, the president of the U.S. central bank and the then CEO of UBS, Ralph Ralph Hamers minutes to travel . Five days ago, UBS agreed to buy Credit Suisse in a deal engineered by Swiss authorities to avoid more market turmoil in the global banking sector. Powell’s calendar shows that nearly three months ago, banking problems flared up — aside from the UBS-Credit Suisse deal, The problems also triggered the collapse of three U.S. banks. The banking troubles began in the second week of March, when Silicon Valley Bank was forced to try emergency funding, triggering a record run on deposits. Banks collapsed in March and a smaller bank, 40050 Signature library (OTC: 52 NYSE ), taken over by banking regulator in March . A third bank, First Republic, will fail in a few weeks. Powell’s calendar entry for the first week of March is a typical mix of interactions with staff, created with Powell originally scheduled for March 7 and A series of calls and meetings took place between leading U.S. lawmakers on two congressional committees in attendance on the 8th. A sudden change of pace Powell was involved in a – Minutes of March meeting with Treasury, OCC, FDIC and regional Federal Reserve Bank officials , the day SVB failed. Timeline shows Powell working two since then for a few weeks. Meetings are being held over the next two weekends to come up with support measures to prevent the unrest from escalating into a system-wide crisis with wider economic repercussions. The pace is reminiscent of his March schedule 25, when the outbreak of the coronavirus pandemic forced the Fed into crisis. (This story has been corrected to change the meeting log publication date to May 5 in the 2nd paragraph) 50 Share FacebookTwitterPinterestWhatsApp Previous article'Dave' Breakout Tenea Intriago stars as Stalker opposite Brad Pitt and finds humanity in villainsNext articleNBA commissioner announces decision on Ja Morant will come after Finals | First things first farahat RELATED ARTICLES Economy Argentina’s Bullrich rules out borrowing more from IMF if victorious September 28, 2023 Economy Global stocks extend sell-off as bond yields surge September 27, 2023 Economy Shutdown countdown: US Congress has four days to fund government September 27, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS Panthers’ Xavier Woods Reportedly Out 4-6 Weeks with Hamstring Injury September 28, 2023 Hashkey Enables AVAX Trading For Hong Kong Users – But There’s A Catch September 28, 2023 Is Giannis Antetokounmpo setting the stage to leave Milwaukee? September 28, 2023 Marathon Digital Mines Invalid Bitcoin Block Amid Heightened BTC Volatility September 28, 2023 Load more Featured NEWS Yogurt Parfait with Chopped Strawberries, Crushed Graham Crackers, Honey, and Sesame Seeds January 26, 2023 Analysts suggest that these two on-chain signals predate Bitcoin’s decline September 19, 2022 Carlota Barrera Madrid Fall 2023 March 25, 2023 Holzweiler Copenhagen Autumn 2023 February 2, 2023 Load more
