The Fed says don’t worry about U.S. banks, but why should anyone believe them?

The aftershocks of the collapse of Silicon Valley Bank (SVB), while seemingly fading, are still reverberating around the world. Although Federal Reserve officials have taken pains to assure the public that the U.S. banking system is sound, it is unclear why anyone should believe them. After all, Fed Chair Jerome Powell told Congress the same thing just days before SVB’s collapse in March.

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