After UBS agreed to purchase Credit Suisse, Treasury Secretary Janet Yellen and Fed Chair Jerome Powell sought to reassure investors in the U.S. where First Republic Bank has become U.S. officials’ main concern
U.S. policy makers warily watched the rushed rescue of Credit Suisse Group AG over the weekend, hoping that its purchase by UBS Group AG would stem a slide in financial stocks triggered by the recent collapse of two regional banks.
Late Sunday, the Fed and five major central banks announced a coordinated effort to improve liquidity by moving U.S. dollars among themselves each day, starting Monday, instead of once a week. The central banks then lend those dollars out to financial institutions, in an effort to backstop other countries’ funding needs should strains emerge in global markets.
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