US Federal Reserve (FED) President Jerome Powell said hours ago that he is closely monitoring potential risks such as the commercial real estate sector and the situation in the banking sector. “carefully” stated that they were watching.
Although Powell acknowledged that deposit flows have stagnated, he stated that there are still financing gaps in the sector. The SVB and other banks are worrying uninsured depositors over massive unrealized losses in US Treasury bonds. Powell did not deny the problems in the sector while giving the message that bank capital is strong in general.
Concerning the commercial real estate sector, Powell noted that valuations have been adjusted and the work-from-home trend is not intensifying risks at large banks. But Powell said US regulators have yet to address issues with money market funds. He stated that there were large inflows to these funds during the March crisis, but stopped.
To summarize, according to Powell’s statements, the FED acts carefully against potential risks in the commercial real estate sector and the banking sector, and closely monitors the situation to ensure financial stability.
The Fed decided to keep interest rates constant at its last FOMC meeting on June 14.
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