"We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation," Yellen and Powell said on Sunday.
Earlier on Sunday, the Swiss National Bank announced the acquisition of Credit Suisse by UBS, adding that it would provide necessary assistance for the deal. UBS said that it was going to purchase Credit Suisse for 3 billion Swiss francs ($3.2 billion).
On Wednesday, Credit Suisse’s share price plunged nearly 30%, sparking concerns about a liquidity crunch. The incident followed the recent collapse of several US financial institutions, including the Silicon Valley Bank (SVB).