Why do we "need" that?
Because a number of companies have a lot of money in that bank they need back. Don’t think for moment that calls were not made and favors are being called in to have deal ready for some sort of bail out by Monday to sort it all out. The Fed will be expected to step in and make something happen under the guise that the entire banking sector needs to be stable.
All the banks are sitting with Bond Portfolios that are going under water because of Rate Hikes and will not be able to unload them except at a loss. Powell is now in a really tight position, he will be under Big Pressure for no more rate hikes and even possibly a rate cut to stabilize the mess of our own making. No good choices here.