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    Commentary: The Fed just raised interest rates. Does that mean there is no banking crisis?

    Do we have a banking crisis in the United States or don’t we? We certainly have some of the symptoms, including two prominent banks that just failed and downward pressure this week on the share prices of other midsize banks. Yet on Wednesday, the Federal Reserve raised interest rates by .25 percentage point — which is not what you would expect a central bank to do in a crisis. Also on ...
    by Simon Johnson, Los Angeles Times Mar 24, 2023 3 minutes
    Treasury Secretary Janet Yellen testifies before a Senate Finance Committee hearing on Capitol Hill in Washington, D.C., on Thursday, March 16, 2023.

    Do we have a banking crisis in the United States or don’t we?

    We certainly have some of the symptoms, including two prominent banks that just failed and downward pressure this week on the share prices of other midsize banks. Yet on Wednesday, the Federal Reserve raised interest rates by .25 percentage point — which is not what you would expect a central bank to do in a crisis.

    Also on Wednesday, Treasury Secretary Janet Yellen indicated that expanding deposit insurance is

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