After the collapse of two U.S. banks and record outflows from smaller lenders, the banking industry is shifting its concern from an immediate crisis to a medium-term worry: economic growth.
dropped by a record $119 billion to $5.46 trillion after the collapse of Silicon Valley Bank on March 10, according to data released Friday by the Federal Reserve.
Financial markets remain unsettled by the lack of clarity on the government willingness to guarantee customer deposits, Hatzius wrote. Investors are also concerned about the shaken confidence of depositors and uncertainty looming over smaller banks, he added. Tighter credit conditions will exert meaningful pressure on economic activity, but the effect will not be catastrophic unless the situation escalates into "full-blown crisis of confidence," Barclays analysts wrote in a note last week.bring the United States closer to recession, Minneapolis Fed President Neel Kashkari told CBS' "Face the Nation" on Sunday.
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