Yellen to chair financial stability council meeting as bank worries persist
This note from MarketWatch may be of interest. Here is a section:
Treasury Secretary Janet Yellen will convene a meeting of the Financial Stability Oversight Council Friday.
FSOC comprises the heads of the nation's top financial regulators, and was created in the wake of the 2008 financial crisis to enable the government to coordinate efforts at combating systemic risks to the U.S. economy.
The announcement comes amid concerns over the health of the banking sector following the recent failures of Silicon Valley Bank and Signature Bank.
The uncertainty is being felt overseas as well with shares of Germany's Deutsche Bank (DBK.XE) slumping as its credit default swaps widened.
Financial sector equities (XLF) were under pressure Friday, ranking as the worst performing sector in the S&P 500 in morning trade.
The Plunge Protection Team is convening so the monetary and fiscal authorities are fully aware of the $1.7 trillion in unrealised losses in the US banking sector. The simple fact is anyone who bought long-dated bonds between 2019 and 2022 is sitting on fat losses.
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