Asked by Ohio Republican Rep. Steve Stivers what he considers the biggest threat to the U.S. financial system, Powell answered cybersecurity. "The thing that we worry about a lot is cyberattacks. I think we have a great gameplan for traditional issues like bad loans and things like that. It's more cyberattacks is really the frontier where you worry. And we work very, very hard on that — all the agencies do, we all work together — the institutions themselves work very hard.
. Shares of the troubled plane-maker rolled over as news broke that it booked no new jetliner orders last month. Boeing was last down just under 1%.10:48 am: Powell says Fed will transition away from repo, but there's still big demand for it Powell says the Fed will gradually transition away from repo operations, as it builds up reserves. But institutions were actively tapping the Fed's facilities early Tuesday, just before he spoke. The 14-day repo operation was oversubscribed, and that wasn't the only time lately. The Fed has been supplying extra funds to the short-term lending market, to make sure financial institutions have access to enough cash since last September, when repo rates spiked due to high demand.
Source: News Formal (newsformal.com)
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