US and European policymakers issue statement following UBS-Credit Suisse deal

Dhwani Mehta FXStreet

In a joint statement on Sunday, US Federal Reserve Chair Powell and Treasury Secretary Yellen said that “the US banking system's capital and liquidity positions are robust and the financial system is resilient.”

Additional takeaways

"We welcome the announcements by the Swiss authorities today to support financial stability.”

“The capital and liquidity positions of the US banking system are strong, and the US financial system is resilient.”

“We have been in close contact with our international counterparts to support their implementation."

Shortly after Powell and Yellen came out with the joint statement, European Central Bank (ECB) President Christine Lagarde said that the central bank hopes the Swiss-brokered rescue of Credit Suisse will restore calm in financial markets.”

“The ECB remains ready to support Eurozone banks with loans if needed,” Lagarde added.

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