The news: Two top US economic policymakers say they're focused on finding out why Silicon Valley Bank failed and determining what changes to federal regulation and oversight might be necessary to prevent further bank runs.
An aberration that requires a post-mortem: In a press conference after the Federal Open Market Committee (FOMC) announcement of a quarter-point interest rate increase, Jay Powell, chair of the Federal Reserve, admitted that SVB's sudden collapse had left top officials asking themselves, "How did this happen?" But his remarks repeatedly suggested that policymakers saw this failure as an anomaly.
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