‘How did this occur’ — Powell says Fed stumped over the collapse of SVB

United States Federal Reserve Chairman Jerome Powell has conceded that his regulator was blindsided by the sudden collapse of Silicon Valley Financial institution, regardless of it being beneath their watch.

In a press convention held simply after the Federal Open Market Committee assembly on March 22, Powell stated he instantly knew there was a necessity for an inside investigation when the financial institution shut down on March 10, stating:

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