Minneapolis Fed President Neel Kashkari warned of a looming “credit crunch.”
and other embattled US regional banks “definitely brings us closer right now” to an economic recession, according to a top Federal Reserve official.
“What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch,” Kashkari said during a Sunday appearance“And then that credit crunch, just as you said, would then slow down the economy,” Kashkari said. “This is something we are monitoring very, very closely.” Fed Chair Jerome Powell and other top policymakers have scrambled to reassure Americans about the strength of the banking system.First Republic shares have plunged in recent days.“The banking system has a strong capital position and a lot of liquidity and has the full support of the Federal Reserve and other regulators standing behind it,” Kashkari said.
At the time, Powell said officials “did consider” leaving the rate unchanged before moving forward with a hike.
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