Treasury Turns to New Currency “Manipulators”
Moving on from its almost exclusive focus on Chinese currency practices, the Trump Treasury Department’s final currency-manipulation report today instead targets Switzerland and Vietnam as currency manipulators.

GAO:Leveraged Loans Demonstrate Need for Tough FSOC Designation Authority
The GAO today released a self-initiated study of leveraged lending, using both public and confidential data to conclude that – while still worrisome – leveraged lending does not pose immediate systemic risk.

FSB Data on NBFIs Backstop Holistic Work Plan
Today’s FSB’s annual global NBFI monitoring report includes two case studies updating the usual year-end data and assessing COVID’s impacts. Relying in part on findings from its holistic review (see Client Report NBFI), the FSB concludes that the NBFI sector decreased by almost four percent in the first quarter of 2020 and its share of global financial assets fell from 57 to 54 percent.

Powell: Fed Averse to Permanent Treasury-Stabilization Role, Green Monetary Policy
At his press conference today, FRB Chairman Powell refused to commit to any permanent role for the Fed in the Treasury market, saying that liquidity and stability are best provided by the private sector.