By Maurice Obstfeld and Haonan Zhou In May 2022, the Federal Reserve (Fed) announced that the process to reduce the size of its balance sheet would begin on June 1. With that process now underway, this post reviews the initial months of runoff. We also highlight publicly available resources that provide data to monitor the[…]

By Iñaki Aldasoro, Peter Hördahl and Sonya Zhu When financial markets come under pressure, vital functions such as the efficient allocation of capital and price formation become impaired. It is therefore important to enhance the monitoring and analysis of market conditions, in particular events that may put pressure on authorities to intervene. We introduce market[…]

By the European Central Bank (ECB) The climate crisis is one of the biggest challenges of our time. It poses severe risks for the economy and it affects price stability, our core mandate as a central bank. This is why we are committed to doing our part in the fight against climate change, within our[…]