New York CNN —
High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system.
Appearing on the Hill as part of annual testimony before the Senate Banking Committee, Yellen told lawmakers Thursday the exposure of large banks is “quite low,” but there may be smaller banks that are experiencing stress related to high office building vacancy rates, high interest rates and falling valuations.
“It’s obvious that there’s going
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