The Fed accepted a total of $2.24 trillion from 103 counterparties in fixed-rate reverse repurchase operations.

U.S. President Joe Biden: Debt defaults will lead to higher interest rates and send mortgage rates skyrocketing.

Rep. Waters, Democrat of the US Congress: House committees should ask CEOs of bankrupt banks to come forward for hearings.

Market news: U.S. environmental groups sued the Federal Aviation Administration, questioning its authorization of SpaceX to obtain a rocket launch license in southern Texas.

U.S. President Joe Biden: The action on the First Republic Bank has ensured the safety of the banking system.

U.S. President Joe Biden: We have to make sure the Republican threat to a U.S. default is off the table.

US President Joe Biden: We are well on our way to stabilizing the banking system.

US President Joe Biden: America is not a country that will default on its debts.

US President Biden: The option of defaulting on the national debt is not on the negotiating table.

U.S. President Joe Biden has called on Congress to give bank regulators (the ones that oversee banks) tools.

U.S. President Joe Biden has highlighted the need for stronger banking regulation.

US President Biden: Taxpayers will not be held accountable.

US President Joe Biden: All depositors at First Republic Bank are protected.

Bridgewater co-chief investment officer Karniol-Tambour: Without a severe recession, it is hard to imagine the Fed cutting interest rates.

PGIM CEO: There is no doubt that (US) interest rates will be higher for a longer period of time than the market is pricing in.

Citigroup CEO: There has been some weakness in U.S. consumer spending.

Citigroup CEO: Generative artificial intelligence will revolutionize industries and jobs.

Citigroup CEO: The next decade will see a huge transformation from artificial intelligence.

Spot palladium fell nearly 3%.

Market news: Microsoft will cooperate with GoDaddy, a domain name registration service company, to develop a function that allows users to send and receive payments through an online conference system.