In this report, we go in depth into the forward-looking financial-policy implications of the Fed’s latest financial-stability report. Press focused on Fed findings germane to the pandemic and fiscal policy, but the report as always is an important guide to what the Fed and other U.S. regulators will do as the pandemic continues and in its wake. Indeed, in a statement accompany the report, Gov. Brainard highlighted several near-term actions warranted by the report, focusing in particular on the need to address recent corporate mutual-fund outflows, Treasury-market structural reform, and climate risk.
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