Bowman Speech: No Rate Signal, but a Blunt SVB Review
Federal Reserve Vice Chair for Supervision Michelle Bowman, speaking in Bangkok, delivered exactly what the market expected and none of what it needed to move rates. In "Supervisory Modernization After Silicon Valley Bank," her address to the Reinventing Bretton Woods Committee's Bangkok Economic Festival benchmarked the fed funds path the market already prices, with no new signal on inflation, employment, growth, or balance-sheet runoff. Yet the speech was not routine. Bowman used the stage to release an independent review of the 2023 SVB failure that resets much of the official narrative, and she pointedly criticized the international bodies that built rules on the earlier, incomplete acco…
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