In this report, we assess the IMF’s report on global prospects and policy challenges prepared for the G-20 finance ministerial.  This report does not address risk to financial stability in great detail, which will be done in a forthcoming report during the Fund’s annual meeting later this month.  That paper will give the IMF’s views on the next round of financial standards concluded at the ministerial by the Financial Stability Board (see Client Report SUMMIT22).  In this paper, the IMF takes a top-down look, believing that geopolitical risk – while worrisome – is largely contained.  It worries more about valuation risk due to yield chasing, but here recommends no policy response to it or to the undescribed problems it sees in corporate finance and insurance. 
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