Yellen financial stability meeting says system remains sound and resilient

Earlier news today that Treasury Secretary Yellen was meeting with regulators offered some support for markets and hope of weekend action to shore up deposits. The initial readout was vague:

The statement was:

Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session by videoconference.

During the meeting, the Council heard a presentation from staff of the Federal Reserve Bank of New York on market developments. The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient. The Council also discussed ongoing efforts at member agencies to monitor financial developments.

Separately, the US announced that bank deposits only fell to $17.5T from $17.6T in the week ending March 15. Next week’s data will be more telling and some of this is money moving from small banks to big ones but there doesn’t look to be a broad run here.

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