“The Chairman of the Federal Reserve, Jerome Powellasked in a private meeting with US lawmakers how much more the central bank will raise interest rates this year, noted that the latest forecasts from policy makers show that they anticipate a higher riseaccording to Republican Rep. Kevin Hern, reports Bloomberg.
Separately, Reuters claims that US Senator Hern said that Fed Chairman Powell told Republican lawmakers that Congress should reassess limits on the size of federally insured bank deposits.
“We talked about it, but he said it was Congress’s role to really evaluate. I thought it was a good topic,” Hern said after Powell spoke at a closed-door meeting of the Republican Studies Committee, Reuters reports.
The news also adds that the Federal Deposit Insurance Corporation (FDIC) currently insures up to $250,000 per depositor, but the collapses of Silicon Valley Bank (SVB) and Signature Bank this month have raised questions about whether it was necessary to increase insurance limits.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
