Fed's Kashkari echoes concerns of 'credit crunch' as fallout from banking turmoil

by AHTRA ELNASHAR | The National Desk

Mon, March 27th 2023, 10:17 PM UTC

People pass the front of the New York Stock Exchange in New York, on Wednesday, March 22, 2023. European shares have opened mixed after a day of gains in Asia ahead of a decision by the Federal Reserve on interest rates. (AP Photo/Peter Morgan

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, Wednesday, March 22, 2023, in Washington. The sudden crisis in the U.S. banking industry is sure to cause some tightening of lending and credit and a slowdown in the pace of borrowing and spending. If it does, the crisis could actually end up aiding the Federal Reserve in the elusive goal the Fed has been pursuing for a full year: A much lower inflation rate. (AP Photo/Alex Brandon)

FILE - Customers and bystanders form a line outside a Silicon Valley Bank branch location, Monday, March 13, 2023, in Wellesley, Mass. The sudden crisis in the U.S. banking industry is sure to cause some tightening of lending and credit and a slowdown in the pace of borrowing and spending. If it does, the crisis could actually end up aiding the Federal Reserve in the elusive goal the Fed has been pursuing for a full year: A much lower inflation rate. (AP Photo/Steven Senne, File)

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People pass the front of the New York Stock Exchange in New York, on Wednesday, March 22, 2023. European shares have opened mixed after a day of gains in Asia ahead of a decision by the Federal Reserve on interest rates. (AP Photo/Peter Morgan

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