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Yellen to tell Senate: ‘Our banking system remains sound’
Credit Suisse shares soar after Swiss central bank pledges funds
Asian equities close in the red, but worst fears are unrealized
Treasury Secretary Janet Yellen testified in the Senate on March 16 in the wake of Silicon Valley Bank’s collapse. (Video: AP)
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Updated March 16, 2023 at 2:06 p.m. EDT|Published March 16, 2023 at 12:15 a.m. EDT
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Treasury Secretary Janet L. Yellen finished testifying before U.S. lawmakers Thursday morning as the global financial system struggles for stability, saying the government should reexamine banking rules.

Bank stocks have swung wildly this week since the Treasury Department and the Federal Reserve announced a sweeping intervention Sunday to protect Silicon Valley Bank’s depositors. On Wednesday, the Swiss National Bank said it would provide assistance to the giant multinational Credit Suisse after the firm disclosed problems in its financial reporting — but said the bank still meets regulatory requirements for systematically important banks for now.

In response to questioning from Sen. Elizabeth Warren (D-Mass.), Yellen said the federal government needs to reexamine its rules and supervision of banks.  
Yellen to tell Senate: ‘Our banking system remains sound’
Credit Suisse shares soar after Swiss central bank pledges funds
Asian equities close in the red, but worst fears are unrealized

Here’s what else to know:

  • The Swiss National Bank confirmed in an email Thursday that it “will provide liquidity to Credit Suisse against sufficient collateral,” an action it said falls “within the framework of its statutory mandate.”
  • The European Central Bank hiked official interest rates Thursday by 0.5 percent. Traders had been betting on a more modest 0.25 percentage-point increase, but the ECB stressed that “inflation is projected to remain too high for too long” in a news release Thursday.
  • European markets rose in early trading, but gains narrowed in the European morning. The FTSE 100 and Euronext 100 indexes were up about 0.9 percent and 0.5 percent, respectively, around 11 a.m. central European time. Asian equities sold off, with Hong Kong’s Hang Seng Index and Japan’s bank-heavy Topix down about 1.7 and 1.2 percent, respectively, as of market close in the region.
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Here's what to know:

The Swiss National Bank confirmed in an email Thursday that it “will provide liquidity to Credit Suisse against sufficient collateral,” an action it said falls “within the framework of its statutory mandate.”
The European Central Bank hiked official interest rates Thursday by 0.5 percent. Traders had been betting on a more modest 0.25 percentage-point increase, but the ECB stressed that “inflation is projected to remain too high for too long” in a news release Thursday.
European markets rose in early trading, but gains narrowed in the European morning. The FTSE 100 and Euronext 100 indexes were up about 0.9 percent and 0.5 percent, respectively, around 11 a.m. central European time. Asian equities sold off, with Hong Kong’s Hang Seng Index and Japan’s bank-heavy Topix down about 1.7 and 1.2 percent, respectively, as of market close in the region.

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