Powell said the Fed is examining bank oversight and supervision.
At a basic level, Silicon Valley Bank management failed badly.
My only interest is that we identify what went wrong here.
Federal Reserve Chair Jerome PowellAP Images
How did that happen, and what are the right policies to put in place?
He declined to comment on what the measure might entail.
Powell is taking some heat for the Feds sparking the crisis by raising interest rates too high too fast.
He pushed back, noting the hikes had been signaled and this still happened.
Our rate hikes were well telegraphed to the market and many banks have managed to deal with them.
Powell reiterated again today that we understand our actions around interest have an impac.
But high inflation also hurts the lowest wage earners, he noted.
The DJIA ended down 530 points or 1.63%.
The Nasdaq fell 1.6% and the S&P 500 by 1.65%.
Media and tech stocks followed indexes down late in the session.
Many had regained some ground in after-market trading.
Alphabet, Apple, Meta and Amazon closed 1% to 2% lower.
