- Global banking crisis intensifies with multiple bank failures and rescues.
- US banks borrow record amount from Federal Reserve backstop facilities.
- US Treasury Secretary reassures Congress about the soundness of the banking system.
- Federal Reserve weighs the banking crisis against a still-hot labor market and sticky price pressures.
Your Weekend Reading: Fed Weighs Inflation and Banking Chaos
Global banking crisis intensifies as US banks borrow record amounts from the Federal Reserve backstop facilities amid fears of an approaching recession or entrenched inflation.