Последното издание на OFR Financial Stability Monitor
https://financialresearch.gov/financ...2516_FINAL.pdf
https://financialresearch.gov/financ...2516_FINAL.pdf
As documented in the OFR’s 2015 Financial Stability Report, the low level of U.S. rates is partly due to spillover from falling and increasingly negative rates in Europe. The U.K. vote has pushed European rates even lower and is likely to prolong negative interest rate policies in the euro area and elsewhere. These factors could keep U.S. long-term rates low for years. U.S. long-term interest rates reached historic lows in the week after the referendum.
Low U.S. long-term rates underpin excesses in investor risk-taking, as well as high U.S. equity prices and commercial real estate prices. Alone, these excesses may not threaten U.S. financial stability, but they could compound other threats, including credit risk as discussed below.
Low interest rates have prompted investors to take risks to get better returns. As a result, duration risk in U.S. bond portfolios is near the top of its long-term range. This risk leaves investors open to heavy losses from large jumps in interest rates, whether from surprises in the Federal Reserve’s monetary policy or other shocks.
Low U.S. long-term rates underpin excesses in investor risk-taking, as well as high U.S. equity prices and commercial real estate prices. Alone, these excesses may not threaten U.S. financial stability, but they could compound other threats, including credit risk as discussed below.
Low interest rates have prompted investors to take risks to get better returns. As a result, duration risk in U.S. bond portfolios is near the top of its long-term range. This risk leaves investors open to heavy losses from large jumps in interest rates, whether from surprises in the Federal Reserve’s monetary policy or other shocks.
In repo markets, collateral fire sales remain a risk, as discussed in our 2015 Financial Stability Report and other reports. For example, the default of a repo counterparty could trigger destabilizing sales of securities left as collateral.
Run risks persist in some money market funds and short-term investment vehicles, similar to those that contributed to the financial crisis in 2008. Specifically, these funds and vehicles report a stable net asset value, even though they take credit risks and have no government backstop.
Run risks persist in some money market funds and short-term investment vehicles, similar to those that contributed to the financial crisis in 2008. Specifically, these funds and vehicles report a stable net asset value, even though they take credit risks and have no government backstop.
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