![]() ![]() "We need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm," said Michael Barr, the Fed's vice chairman for supervision. government after suffering a massive bank run. Martin, before we decide on the next meet- ing, I would like for you to. Fed supervisors reportedly identified problems with Silicon Valley Bank's risk-management practices years ago, but the problems were not corrected and the California lender had to be taken over by the U.S. The staffs of the Treasury, the Federal Reserve, and the Council of. The Fed is also facing scrutiny for its oversight of the two failed banks. The Fed is under pressure over bank collapses "My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet the higher cost of essentials like food, housing, and transportation," Fed chairman Jerome Powell told reporters during his news conference after the meeting. The central bank is particularly concerned about the rising cost of services, such as airline tickets and streaming TV subscriptions. Annual inflation in February was 6% - down from 9.1% last June, but still well above the Fed's target of 2%. Fed officials will probably be more interested in monthly data when the personal consumption expenditures price index for March comes out the next day. Meanwhile, consumer prices continue to climb at a rapid rate. regulators had stepped in to protect all deposits at SVB a day earlier, but worried customers still sought to retrieve their money from the lender and from other smaller banks. ![]() People line up outside of a Silicon Valley Bank office on Main Santa Clara, Calif.
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