US Treasury Sec. Yellen: No bailout for SVB, ‘system is safe'

Dhwani Mehta FXStreet

In an interview with CBS'"Face the Nation on Sunday, "US Treasury Secretary Janet Yellen provided few details on the government's next steps.

Key quotes

"We're not going to do that again.”

"But we are concerned about depositors, and we're focused on trying to meet their needs."

"The American banking system is really safe and well capitalized. It's resilient."

“Rising interest rates, which have been increased by the Federal Reserve to combat inflation, as the core problem for Silicon Valley Bank.

"The problems with the tech sector aren't at the heart of the problems at this bank.”

Expect regulators to consider "a wide range of available options," including the acquisition of Silicon Valley Bank by another institution.”

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