The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
WASHINGTON —
Wall Street traders and industry analysts “have been publicly screaming about these very issues for many, many months going back to last fall," Kelleher added. Last week, many economists had suggested that Fed policymakers would raise their projection next week to 5.6%. Now it's suddenly unclear how many additional rate increases the Fed will forecast.
On Monday, Powell announced that the Fed would review its supervision of Silicon Valley to understand how it might have better managed its regulation of the bank. The review will be conducted by Michael Barr, the Fed vice chair who oversees bank oversight, and will be publicly released May 1.
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