Deposit flows in the U.S. banking system have stabilized in the last week after a historic run on deposits at Silicon Valley Bank prompted its collapse and forced finance officials to take emergency actions to shore up the system, Federal Reserve Chair Jerome Powell said on Wednesday, Reuters reported. "We took powerful actions with Treasury and the FDIC, which demonstrate that all depositors' savings are safe," Powell told a news conference following the central bank's decision to raise interest rates for a ninth straight meeting despite what he acknowledged were substantial questions about the banking turmoil's impact on the economy. "The banking system is safe. Deposit flows in the banking system have stabilized over the last week," Powell said. The issue of the safety of trillions of dollars in the banking system was a key focus of questions put to Powell after the Federal Open Market Committee raised its benchmark overnight lending rate by a quarter percentage point to a range of 4.75-5.00%.
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