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All 34 banks that underwent the Federal Reserve's annual stress test cleared the first round. "This year's results show that, even during a severe recession, our large banks would remain well-capitalized," Fed Governor Jerome Powell said. Bloomberg (22 Jun.)
The Alternative Reference Rates Committee, which is made up of major international banks, chose a Treasurys-backed repurchase agreement rate as an alternative to the London Interbank Offered Rate. "I am confident the new reference rate chosen today by the Alternative Reference Rates Committee is based on a deep and actively traded market and will be highly robust," said Jerome Powell of the Federal Reserve. Reuters (22 Jun.)
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