US Treasury Secretary Janet Yellen has said that the United States banking system is “sound”, stressing that recent American bank failures are “very different” from the global financial meltdown of 2008.Speaking at the American Bankers Association on Tuesday, Yellen said the US government’s intervention in the wake of this month’s collapse of Silicon Valley Bank (SVB) and Signature Bank helped contain the fallout.“The situation is stabilising, and the US banking system remains sound,” Yellen said.
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