(Reuters) – Finance Minister Fernando Haddad assessed the Federal Reserve’s action on Monday in response to the Silicon Valley Bank failure as positive, adding that he spoke over the weekend with officials at Brazil’s central bank on the subject.
Haddad said he had spoken with the president of the BC, Roberto Campos Neto, and specified that it will be necessary to see later in the day whether the monetary authority will have to take action.
“Information is not yet sufficient to know the scale of the problem. The action of the Fed throughout the weekend has been positive, guaranteeing depositors. This is the first measure that the monetary authority has to avoid a bank run” , he said at an event organized by the newspapers Valor Econômico and O Globo.
US officials launched emergency measures on Sunday to boost confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
