Central bank tightening: what could break?
Exchanges
00:00
Is There a Risk to Financial Stability?
I have been very surprised at how all things considered orderly this has been. I worry that there's another leg to go in some of these things. We know if you put a lot of pressure in the pipe, something is going to crack somewhere. But it's always not what you expect and not what cracked the last time. The blood hasn't gotten spilled. It's going to get much tougher when the policy starts to work.
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