Federal Reserve Chair Jerome Powell made his first comments about the current banking crisis, saying that the management of Silicon Valley Bank "failed badly" but that the institution’s weaknesses don't threaten the U.S. banking system.
This was a bank that was an outlier, he said in a press conference following a Fed decision to hike interest rates 0.25 percent, citing the institution's high percentage of uninsured deposits and its large investment in bonds with longer durations.