Fed’s Powell: Rate pause was considered due to bank issues

NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday that officials considered not raising interest rates at its meeting due to banking system stress following the collapse of Silicon Valley Bank.

Asked at the news conference following the Fed’s policy decision if officials had considered a pause rather than the quarter-point rate hike they opted for, Powell said, “We did consider that.”

(Reporting by Michael S. Derby; Editing by Leslie Adler)