The state made "unprecedented additions" to its reserves, protecting its triple-A bond rating, said state Sen. Janet Howell, Finance and Appropriations Committee Chair.
The chances of an economic slowdown are rising as the Federal Reserve is poised to take further steps to tame inflation, say the heads of JPMorgan Chase, Bank of America and Morgan Stanley.
In a recent survey, just over half of community bankers expressed concern that the central bank will harm the U.S. economy by raising rates too fast in its quest to contain inflation.
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