Perspectives on the Banking Turmoil of 2023

Abstract: The banking turmoil of March 2023 was a significant incident in the U.S. financial system that threatened to create a general macroeconomic problem. There were multiple factors at play that explain what happened. In this article, I discuss some of those factors in detail to gain a more complete understanding of why and how the turmoil happened and the way policy addressed it.

Keywords: banking crises; bank deposits; Federal Reserve;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Richmond Fed Economic Brief

Publication Date: 2023-10

Volume: 23

Issue: 35