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Speech
Official Monetary and Financial Institutions Forum Fed Week Financial Stability Session
Short-term credit markets have been disrupted in the past two recessions, and significant risks remain. For example, prime money market mutual funds and stablecoins bear attention. Substantial emergency actions were necessary to support lending during the pandemic, and the economy would benefit from being less dependent on ad hoc measures in crises. A properly implemented Countercyclical Capital Buffer, or CCyB, would help avoid some of these issues. Unfortunately, emergency facilities do well supporting large firms but are challenged somewhat to reach small firms. Without better facilities ...