: Fed’s Powell says U.S. banking system is ‘sound and resilient’ after First Republic failure


Federal Reserve Chairman Jerome Powell attempted to reassure Americans that the U.S. banking system remains stable following JPMorgan Chase’s JPM takeover of First Republic Bank earlier this week, the fourth U.S. bank failure this year.

“Conditions in [the banking] sector have broadly improved since early March, and the U.S. banking system is sound and resilient,” Powell said following the Fed’s decision to raise interest rates by 0.25% Wednesday.


This article was originally published by Marketwatch.com. Read the original article here.

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