- US Treasury Secretary Janet Yellen had a slightly different story Thursday when it came to the ongoing debate over insuring bank deposits beyond the $250,000 limit. In prepared remarks to a House committee almost identical to those she read to a Senate panel Wednesday, Yellen repeated that the Biden administration’s actions tied to recent banking meltdowns were “taken to ensure that Americans’ deposits are safe.” But then came a new line: “Certainly, we would be prepared to take additional actions if warranted.” Why the big deal? Yesterday, bank stocks tumbled after she made a point of saying Treasury officials had neither considered nor examined the possibility of expanding federal insurance temporarily to all US bank deposits without congressional approval.BB?
- One week after the ECB held back from offering any signal about its next interest-rate move, hawkish officials are sounding bolder about the need for further tightening. ECB Governing Council member Klaas Knot reckons officials will probably need to hike interest rates in May, but he can’t yet judge how big a move that should be. BB?
