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HomeEconomyLogs show Fed's Powell held a series of meetings during March's banking...

Logs show Fed's Powell held a series of meetings during March's banking turmoil


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(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.



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