Fed Survey COVID-19, Global Policy Response Biggest Financial Stability Threats for Next 12-18 Mont

Fed Survey: COVID-19, Global Policy Response Biggest Financial Stability Threats for Next 12-18 Months

May 18, 2020

 

From early February to mid-April, Federal Reserve staff surveyed 22 contacts at banks, investment firms, academic institutions, and political consultancies to gather their views on risks to U.S. financial stability. Concerns regarding the scope and duration of the COVID-19 pandemic—and its economic and financial effects—featured prominently.

Global recession concerns remained pronounced, with respondents highlighting a number of vulnerabilities—including elevated government and corporate debt levels as well as untested market structures and investment strategies—that could amplify stress in a downturn. Respondents also expressed concerns about the threat of intensifying geopolitical tensions. In contrast to the previous report, global trade tensions were not cited as one of the most salient near-term risks, partly because of the signing of a phase-one trade deal between the United States and China in December 2019.

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TAGS: Federal Reserve Board, Financial Stability, Coronavirus, COVID-19

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