4 banks have collapsed in less than a month. Here's what Jerome Powell, Nouriel Roubini, Elon Musk and others are saying about the turmoil.
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tumbled as investors priced in growing default risks, highlighting the continued unease about the banking system. Experts have pointed to the Federal Reserve's aggressive rate hikes over the past year as a driver for the turmoil. But the central bank and others around the world have hiked rates further amid pressure to balance fights against inflation against efforts to stabilize the banking sector.Following the announcement of a 25-basis-point rate hike, the Fed chief said all depositors' savings are safe, adding that US banking system is"strong and resilient.
"History has shown that isolated banking problems, if left unaddressed, can undermine confidence in healthy banks and threaten the ability of the banking system as a whole to play its vital role in supporting the savings and credit needs of households and businesses," he said. He also acknowledged that if credit tightens in the bank sector and slows the broader economy, then the
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