The Federal Reserve Board on Monday (local time) announced that Vice Chair for Supervision Michael S Barr is leading a review of the supervision and regulation of failed Silicon Valley Bank.
Silicon Valley Bank collapsed on Friday, while New York-based Signature Bank was closed by the state regulators on Sunday (local time), becoming the second US bank to have collapsed.
Consumer inflation in the US moderated to 6.4 per cent in January from 6.5 per cent in December, and 7.1 per cent the previous month but still is way above the 2 per cent target.
Benchmark stock indices extended their losses from the previous session as market sentiments remain subdued over global inflation and subsequent monetary policy actions by various central banks.
Consumer inflation in the US moderated to 6.4 per cent in January from 6.5 per cent in December, and 7.1 per cent the previous month but still is way above the 2 per cent target.
Minutes of the latest monetary policy meeting of the US Federal Reserve showed some of the participants noted that the probability of the economy entering a recession in 2023 remained elevated.
In recent months, it said they have seen downside surprises in the inflation data, and headline inflation has already peaked in nine out of 12 economies in the region.
Earlier, the airspace over Lake Michigan was temporarily restricted due to national defense reasons, according to a US Federal Aviation Administration notice. The notice said the airspace was being restricted for "national defense" reasons. There was no immediate comment from the Pentagon
The US central bank said 23 banks will be tested this year against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets.