- Ballestas Group
Credit Suisse's Loss Sparks European Market Decline Amid Banking Crisis
Last Wednesday, as expected, the Federal Reserve raised the reference rate by 25 bps, thus reaching the target range of 4.75% - 5%. The president of the monetary entity Jerome Powell anticipated that, after the recent crisis in the banking sector, the current interest rate increases may not be adequate to contain inflation.
Treasury Secretary Janet Yellen stated that the Treasury Department is not considering insuring deposits without discussing with lawmakers and holding executives responsible for bank failures. However, he assured that his Department is willing to protect small depositors and hinted at his intention to temporarily increase the insured limit on deposits to USD 250,000.