Treasury Secretary Janet Yellen stressed that the ongoing stress in the banking industry is quite different from the 2008 financial meltdown. “This is different from 2008. 2008 was a solvency crisis. Rather, what we’re seeing are contagious bank runs.”
US Federal Reserve Board Chair Jerome Powell testified before the Senate Banking, Housing and Urban Affairs Committee on"The Semiannual Monetary Policy Report to the Congress," on Capitol Hill on March 7.
The rebound was led by a surge in regional bank stocks. Shares of First Republic jumped nearly 17% after falling 47% to a new low on Tuesday. The SPDR S&P Regional Banking ETF, which tracks a number of small and mid-sized banks, was up 3.7% in pre-market trading. Still, it's unclear if Wall Street sees clear skies ahead or if markets are sitting in the eye of of the storm.
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