In the midst of stress on some institutions, the U.S. Financial Stability Oversight Council (FSOC) and officials from the Federal Reserve have reassured the public of the strength and resilience of the U.S. banking system. This comes amidst volatile and rangebound trade in the global market, with traders keeping a close eye on banking developments.

FSOC Statement Calms Markets and Bank Depositors

According to a statement released by the U.S. Treasury, the FSOC – a multi-regulator council responsible for overseeing the financial system – held a closed meeting chaired by Treasury Secretary Janet Yellen. The council concluded that the U.S. banking system remains “sound and resilient” despite stress on some institutions. The statement was intended to calm jittery markets and bank depositors.

Fed President Affirms Resilience of Banking System

Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, also affirmed the strength of the U.S. banking system in a recent comment, noting that it is “resilient and sound.” This comes after the Federal Reserve raised interest rates by 25 basis points, indicating that the economy is likely close to a pause.

Global Banking System a Focus for Traders

In the coming week, traders will remain focused on the global banking system amidst volatile and rangebound trade, according to Moneycontrol. While some institutions have come under stress, the U.S. banking system remains stable as a whole, with FSOC and Fed officials both emphasizing its resilience.

Steps to Control Food Budgets Amidst Rising Costs

In response to rising grocery costs, Helenair provided six steps to help control food budgets. These measures could be helpful for individuals looking to manage their expenses amidst economic uncertainty.

Overall, while stress on some institutions has caused concern, the U.S. financial system remains stable, with regulators and officials emphasizing its resilience and strength.