As we noted on Friday, FSOC’s last meeting of the year ended on a very cautionary note.  Differing from the comforting tone in the Fed’s last financial-stability assessment (see Client Report SYSTEMIC92), FSOC found systemic risk to be elevated even if banks and CCPs give them few qualms.  As we noted, the open part of the meeting focused largely on high-priority issues, with the gist of FSOC’s action plans detailed in its annual report.  We’ll shortly provide clients with an in-depth analysis of this tome, which also provides extensive detail on the state of key financial sectors and risks that, while not yet systemic, are already worrisome.