Fed's Jerome Powell: All Bank Depositor Savings Safe In Post FOMC Speech

Powell Speech Today: US Federal Reserve Chair Jerome Powell said during his post Federal Open Market Committee (FOMC) press conference speech that serious difficulties in small number of banks have emerged. In response to these events, the Fed along with the FDIC took prompt actions, he said. In his opening remarks, the Fed chair said isolated banking problems if left unaddressed can threaten banking system. He added that all bank depositors’ savings are safe amid concerns of a growing banking crisis.