"In remarks made Thursday to the Senate Banking Committee, Federal Reserve Chair Jerome Powell said, 'he expects some U.S. banks to fail in the coming months because of declining values and defaults in their commercial real estate loan portfolios.'

According to reporting by multiple outlets, including The Hill, Powell indicated that 'the risk is tied to small and midsized banks, and there is no systemic risk to the banking sector posed by the potential collapse of major institutions.'"