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Monthly Treasury Statement
The Monthly Treasury Statement of Receipts and Outlays of the United States Government (MTS) is prepared by the Bureau of the Fiscal Service, Department of the Treasury and, after approval by the Fiscal Assistant Secretary of the Treasury, is normally released on the 8th workday of the month following the reporting month. The publication is based on data provided by Federal entities, disbursing officers, and Federal Reserve banks. The MTS is published to meet the needs of those responsible for or interested in the cash position of the Treasury, those who are responsible or interested in the Government's budget ... (full story)
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Chairman Brown, Ranking Member Scott, and other members of the Committee, thank you for the opportunity to testify on the Federal Reserve's supervisory and regulatory activities. Accompanying my testimony is the Federal Reserve's semiannual Supervision and Regulation Report. Today, I will discuss current conditions in the banking sector, supervision, and some of our recent regulatory proposals. Banking Conditions Our banking system is sound and resilient. The acute stress that occurred in March has receded, and banking organizations continue to report capital and liquidity ratios above minimum regulatory levels. Earnings performance has remained solid and in line with pre-pandemic levels, despite recent pressure on net interest margins. Regulatory capital ratios increased during the first half of 2023. While liquidity levels have come down from their peak in 2021, they remain above pre-pandemic levels and, as applicable, above minimum regulatory levels, leaving the banking system well positioned to mitigate liquidity pressures that may arise. The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank reflected, to varying degrees, excessive interest rate risk in their long-duration assets and an over-reliance on uninsured deposits. While the three failed banks were extreme cases, there are other banks that invested heavily in fixed-rate, long-duration assets when long-term interest rates were low. These banks have recorded sizable declines in the fair value of those assets as interest rates have increased, putting pressure on tangible capital. The banks are actively managing the resulting set of risks, but these could take some time to address. Additionally, some banks that have high reliance on uninsured deposits are using more expensive funding sources to manage their liquidity risk. Lending has continued to grow this year, albeit at a slower pace relative to 2022, due in large part to both reduced loan demand and tighter lending standards, according to respondents to the recent Federal Reserve Senior Loan Officer Opinion Surveys. Loan delinquency rates remain low overall, and banks have increased credit loss provisions to mitigate potential future losses in respons post: FED'S BARR: MARCH'S ACUTE STRESS IN THE BANKING SYSTEM HAS RECEDED.
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- Posted: Nov 13, 2023 2:00pm
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 1,907
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