Our in-depth analysis of FSOC’s annual systemic-risk report, focusing on changes since the 2014 report (see Client Report SYSTEMIC71), and on specific recommendations that could lead to policy-maker action. As always, FSOC sets a measured tone to avoid alarming the markets—it again says that systemic risk is “moderate” even as its in-depth analysis shows several very alarming spikes in possible risk drivers. Some of these—e.g., geopolitical risk—are well outside both FSOC’s control and the specific ambit of regulatory action.
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