Regulators again assured the public that the system is safe, which came as data showed customers pulled nearly $100 billion in deposits.
A readout from the session indicated that a New York Fed staff member briefed the group 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 statement said. "The Council also discussed ongoing efforts at member agencies to monitor financial developments.
showed that bank customers collectively pulled $98.4 billion from accounts for the week ended March 15.failures of Silicon Valley Bank and Signature BankThe withdrawals brought total deposits down to just over $17.5 trillion and represented about 0.6% of the total. Deposits have been on a steady decline over the past year or so, falling $582.4 billion since February 2022, according to the Fed data released Friday.
Powell noted that deposit flows "have stabilized over the past week" following what he called "powerful actions" from the Fed to backstop the system. Banks have been flocking to emergency lending facilities set up after the failures of SVB and Signature. Data released Thursday showed that institutions took a daily average of $116.1 billion of loans from the central bank's discount window, the highest since the financial crisis, and have taken out $53.7 billion from the Bank Term Funding Program.
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