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Chair Powell Answers Final Question On Systemic Risk, Presser Ends

FED
  • Q: What are your thoughts on systemic risk, and risks associated with commercial real estate and nonbank financial institutions?
    • A: We're watching CRE carefully, a large part is in smaller banks - we do expect there will be losses but there will be banks that have concentrations and those banks will experience larger losses. It feels like something that will be around for some time as opposed to something that will suddenly hit and work its way into systemic risk.
    • Re nonbank financial sector: In the pandemic it was that sector where issues really arose, and there's a lot of work going on with the Administration to try to address areas in the Treasury market and areas in the nonbank financial market. But the Fed's jurisdiction is over banks etc, so that's our main focus. Our job involves worrying about a lot of things that may go wrong, and that includes banks.
    • If we're seeing the kind of tightening conditions you're referring to, we can factor that into our rate decisions. We have responsibility for financial stability as well and that's a factor we're always going to be considering.
  • Press conference ends
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