A credible lender-of-last-resort function can ensure that no solvent financial institution ever faces a bank run. Depositors know that even if all the other depositors withdraw their funds, the liquidity needs of a solvent bank will be met by the central bank. As a result, bank runs never happen in the first place.
But recent data suggest that consumer spending isn't slowing that much, that the labor market continues to run unsustainably hot, and that inflation is not coming down as fast as I had thought.