Federal Reserve, U.S. Treasury support Swiss authorities' moves on financial stability

• U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell issued a joint statement, saying they welcome the announcements of the Swiss authorities 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," they said. "We have been in close contact with our international counterparts to support their implementation."
• On Sunday, the Swiss Financial Market Supervisory Authority, known as Finma, said it approved the takeover of Credit Suisse (NYSE:CS) by UBS (NYSE:UBS). "The transaction and the measures taken will ensure stability for the bank’s customers and for the financial centre," the agency said. In addition, the Swiss National Bank was providing further liquidity assistance backed by a default guarantee by the Swiss Confederation.

More on Credit Suisse coverage:

• Earlier, Bloomberg reported that UBS agreed to buy Credit Suisse for ~$2B
• Credit Suisse was said to oppose $1B UBS takeover
• On March 17, USB was reported to be in talks to take over Credit Suisse
• Some banks were said to be limiting trades with Credit Suisse
• Credit Suisse stock initially jumped on March 16 when it said it obtained a $54B loan from the Swiss National Bank
• On March 15, the Switzerland's central bank said it would provide Credit Suisse with liquidity if needed