‘Disorderly’ Brexit could harm US economy –Powell

A “disorderly” European Union exit by Britain could spill over in the American economy, the chairman of the US Federal Reserve said Tuesday.

The US banking system’s exposure to British banks is small but American financial institutions’ exposure to the European banking is “more significant,” Jerome Powell said.

“A slowdown in the EU economy following Brexit could indirectly affect the banks,” he said.

Powell’s remarks came the same day the EU’s chief Brexit negotiator Michel Barnier called for more time to reach a deal, as fears grow that Britain could crash out of the union with no agreement in place.

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