The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.

The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.

The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.

Wednesday's report adds to evidence that progress on taming inflation may be stalling, despite the Fed keeping interest rates at a two-decade high.

Traders ceased fully pricing in a Fed rate cut before September after the March employment report revealed that US payrolls expanded by the most in nearly a year.

He called the January and February inflation readings "a little bit concerning," and said he needs to see more progress on prices to gain confidence that they're moving toward the Fed's 2% target.

Federal Reserve Vice Chair Michael Barr Wednesday discussed regulators' ongoing concerns over banks' unrealized losses and commercial real estate values — particularly in the office sector.

The Federal Reserve Board governor also said the central bank needs to make operational improvements to its last resort lending facility.

JPMorgan Chase & Co.'s latest client survey showed that outright short positions in US Treasuries rose to the most since the start of the year in the week leading up to April 1.

Treasuries fell across the curve after data showed manufacturing unexpectedly expanded for the first time since September 2022 — while input costs climbed.