Looming Signs of Credit Crunch Monitored in US & Europe 'Very Closely' in Wake of Bank Failures

Following the sudden collapses of America's Silicon Valley Bank and Signature Bank, along with the merger of embattled Swiss bank Credit Suisse with its rival UBS, the US Federal Reserve on March 22 opted for an interest rate increase of 25 basis points, while regulators sought to offer assurances that the banking system was "sound and resilient."