Tuesday, June 6, 2023
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U.S. Treasury sees continued global growth despite pressure on banks

By Andrea Shalal

WASHINGTON (Reuters) – The U.S. banking system remains strong and resilient, but U.S. officials will continue to work with foreign counterparts to strengthen the bank after recent bank failures. Financial resilience, Treasury Under Secretary of State Jay Shambaugh said on Monday. Regulators are working to boost confidence in liquidity both at home and abroad.

Shambaugh, speaking at the Brookings Institution think tank ahead of this week’s IMF and World Bank meetings, said the overall financial system is also better regulated than it was during the earlier crisis, Well-capitalized and more liquid.

He said U.S. officials would work closely with other countries to communicate on their policies and any spillovers that might materialize, as well as the impact on emerging markets and low-income countries, but said the baseline forecast Continued growth of the global economy is still required.

“Recent events have highlighted the existence of some downside risks in a sense, but they have not really fundamentally changed our baseline The overall picture,” he said.

will continue to work with international partners to improve financial resilience, he said, adding that recent events remind us to complete any outstanding regulatory business and “fix and repair regulatory any cracks.”



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