Powell assures safety of US banking system amidst SVB collapse.

Federal Reserve Chair Jerome Powell stated that Silicon Valley Bank's management "failed badly" but its weaknesses do not pose a threat to the US banking system. The bank was seized by regulators on March 10 following a massive outflow of deposits triggered by fears that followed a disclosure of bond losses and an attempted capital raise. Powell also assured that all depositors' savings and the banking system are safe, and that the deposit flows in the banking system have stabilized over the last week.