Banking stocks steady after Credit Suisse rescue as focus turns to Fed

"This time, major central banks have been reacting very swiftly to backstop liquidity. U.S. officials are also studying ways to temporarily guarantee all bank deposits if the banking crisis expands," Tam said.

But Credit Suisse CEO Ulrich Koerner, who was expected to attend dropped out and the event was closed to media.Policymakers from Washington to Europe have repeatedly stressed that the current turmoil is different from the global financial crisis 15 years ago, pointing to banks being better capitalised and funds more easily available.

If reporting yesterday was true, it wasn't rescued. Instead, $17 billion of bonds designed to convince investors to invest in risky banks was repudiated, and the will of Credit Suisse shareholders was overridden to force a fire sale price.

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