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Fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year, according to Federal Reserve documents released Wednesday.
Federal Reserve staff gave FOMC members a presentation about potential repercussions from the failure of Silicon Valley Bank and other tumult in the financial sector that began in early March.
Though Vice Chair for Supervision Michael Barr said the banking sector “is sound and resilient,” staff economists said the economy will take a hit.
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