Randal Quarles on Inflation, Balance Sheet Reduction, Financial Stability, and the Future of the Fed
Macro Musings with David Beckworth
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Do You Have a Stress Test?
Inarguable that the actual outcome for the financial system was heavily driven by the level of fiscal support to the real economy. We didn't know that it was going to be true in the first months of the coved event, we were in the middle of running stress tests. Of the amount of capital and liquidity in the bank system preserved the system well. So i certainly understand where people are coming from who were saying, well, that wasn't a real test. But we were testing the system rigorously throughout.
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