The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into what became the second-largest bank failure in U.S. history
about how high to raise its benchmark interest rate in the fight against chronically high inflation.
With the collapse of the two large banks fueling anxiety about other regional banks, the Fed may focus more on boosting confidence in the financial system than on its long-term drive to tame inflation., released Tuesday, shows that price increases remain far higher than the Fed prefers, putting Chair Jerome Powell in a tougher spot. Core prices, which exclude volatile food and energy costs and are seen as a better gauge of longer-run inflation, jumped 0.
“We need to have humility,” Barr said, “and conduct a careful and thorough review of how we supervised and regulated this firm and what we should learn from this experience." The bank had grown rapidly. Its assets quadrupled in five years to $209 billion, making it the 16th-largest bank in the country. And roughly 97% of its deposits were uninsured because they exceeded the Federal Deposit Insurance Corporation's $250,000 insurance cap.
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