Fed vice chair Michael Barr is to testify Capitol Hill shortly. He is in charge of supervision on the Federal Reserve Board and as such is testimony is likely to be not on monetary policy or the economy per se more on regulation and supervision.
Meanwhile stocks are moving lower with the NASDAQ index down -0.70% and the S&P down -0.43%.
10 year note is up 3.7 basis points or 4.415%
Headlines from is prepared tax are starting to trickle out.
- Banking system remains sound and solid
- Banks continue to report capital and liquidity ratios above minimum regulatory levels and asset quality generally remains sound.
- While the system as a whole is resilient, the Fed is carefully monitoring the continued rise in delinquency rates among certain commercial real estate loans
- Delinquency rates on certain consumer loans are elevated
- Banks have increased loan-loss revisions