Fed staff forecast a "mild recession" for later this year.
San Francisco Fed examiners identified warning signs at the California lender more than a year ago, to no avail.
Traders bet the Fed is likely to raise rates by a half point at the next meeting later this month.
The aggressiveness of any further rate increases will be impacted by upcoming labor and inflation reports.
Recent data suggest the economy is not slowing despite the Fed's aggressive actions.
Philadelphia Fed President Patrick Harker said he favors “a couple more” 25 basis-point increases.
Federal Reserve Chair Jerome Powell said borrowing costs could peak at higher levels than expected.
Investors and economists continue to doubt Fed forecasts that rates will rise to above 5%.
The Fed still worries that strong inflation might linger in 2023.
The Fed chair's new lodestar points toward tighter policy.
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