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Fed's Powell: SVB management 'failed badly'; weakness not widespread

Kitco News

March 22 (Reuters) - The management of Silicon Valley Bank "failed badly," Federal Reserve Chair Jerome Powell said on Wednesday, but its collapse is not indicative of wider weaknesses in the banking system.

"These are not weaknesses running that are running broadly through the banking system," Powell told a press conference after the Fed's latest policy meeting.

Reporting By Dan Burns
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