“That was a rough weekend.” Federal Reserve officials made the decision to raise rates in March at the last minute as the banking crisis swirled.
Jerome Powell and other officials waited and watched the fallout from SVB, Swiss bank crisis, finally deciding the financial system was stable enough for a rate increaseNick TimiraosFederal Reserve Chair Jerome Powell and his colleagues faced their closest call on interest rates in years.
It wasn’t until the clock was ticking down two days before their scheduled decision last month that senior leaders settled on a plan toThat was down to the wire in Fed time. Rate-setting meetings are usually tightly choreographed and devoid of suspense. The big decisions happen in the week leading up to the gathering and not during the two days of elaborate presentations and discussion around the boardroom table. Fed leaders like to avoid surprises so they can fine-tune their public message.
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