The Financial Stability Oversight Council said that “while some institutions have come under stress, the U.S. banking system remains sound and resilient,” in a Friday statement. Treasury Secretary Janet Yellen convened the meeting of the nation’s top financial regulators to discuss recent stresses in the U.S. banking system following the failure of Silicon Valley Bank and Signature Bank earlier this month. The council heard a presentation from New York Fed staff on “market developments” and also “discussed ongoing efforts at member agencies to monitor financial developments.” Regional bank stocks KRE recovered during Friday trade, though financial sector equities XLF lagged the broader S&P 500 index SPX .
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