deposit support

According to reports, the United States Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation of the United States, and the Office of the Comptroller of the Currency issued a joint statement. U.S. Treasury Secretary Yellen and Federal Reserve Chairman Powell stated that the deposit support provided by banks to the First Republic Bank demonstrated the resilience of the banking system. The Federal Reserve is ready to provide liquidity to eligible institutions. Powell: The Federal Reserve is ready to provide liquidity to eligible institutions Analysis based on this information:The United States Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released a joint statement on the stability of the banking system, highlighting the robustness of the assistance provided by banks in the case of deposit support. The First Republic Bank was mentioned as a model of resilience in the banking industry. The statement is grounded in the Federal Reserve’s…