Powell On Concerning Financial Stability Risks and Crypto

Q: Are there financial stability risks that concern you?

• A: Powell goes over the Fed's "financial stability framework" that he trots out whenever asked these questions..."asset valuations, debt owed by households and businesses, funding risk, and leverage among financial institutions" - says asset valuations "somewhat elevated".- Re overall risks, says emergence of a new variant and Cyber Risk are part of a "list of horribles" that he could go on with (but won't).

Q: Do cryptocurrency issues concern you?

• A: Concerns there "are not so much current financial stability concerns"... "speculative assets, don't see them as a financial stability concern at the moment...think they're risky, not backed by anything" and "big consumer issues".