Yellen: Banks ‘very much stronger’; another financial crisis not likely ‘in our lifetime’
June 27, 2017 | by Jeff Cox | CNBC
Fed Chair Janet Yellen said Tuesday that banks are “very much stronger” and another financial crisis is unlikely anytime soon.
Speaking during an exchange in London with British Academy President Lord Nicholas Stern, the central bank chief said the Fed has learned lessons from the financial crisis and has brought stability to the banking system.
Banks last week passed the first round of the Fed’s stress tests to see how they would perform under adverse conditions like a 10 percent unemployment rate and turbulence in commercial real estate and corporate debt.
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