off-the-wire

Fed's Kashkari: Banking stress could last longer than many expect

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 30 (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday he is prepared that the banking sector stress touched off by the failures of Silicon Valley Bank and Signature Bank two weeks ago could last longer than many expect.

The Fed is watching closely to gauge whether the banking stresses lead to a sustained credit crunch that could slow the economy, Kashkari said at a townhall event livestreamed on the regional Fed bank's website, and so far that is unclear.

Kashkari joined his colleagues in a unanimous vote last week to lift the Fed's policy rate range by a quarter of a percentage point to 4.75%-5%.

Reporting by Ann Saphir Editing by Chris Reese
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.