Yellen warns banks may further tighten lending ...Middle East

Treasury Secretary Janet Yellen in an interview broadcast on Sunday warned that banks might further tighten lending in the wake of the abrupt collapses of Silicon Valley Bank and Signature Bank. "Banks are likely to become somewhat more cautious in this environment. We already saw some tightening of lending standards in the banking system prior to that episode, and there may be some more to come," Yellen said on CNN's "Fareed Zakaria GPS." She also said that the Biden administration "took rapid action" to deal with the bank failures, citing "idiosyncratic features that caused them to fail," and said the banking system has appeared to stabilize after those actions were taken.

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