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  • Fri. Nov 22nd, 2024

Fed warns of ‘substantial’ monetary vulnerabilities from pandemic

Fed warns of ‘substantial’ monetary vulnerabilities from pandemic

WASHINGTON (Reuters) – The U.S. Federal Reserve alerted Friday that the financial sector faces “considerable” vulnerabilities due to the coronavirus pandemic, as companies and households grapple with fragile finances for the foreseeable future.

FILE IMAGE: The Federal Reserve structure is set versus a blue sky, in the middle of the coronavirus illness (COVID-19) outbreak, in Washington, U.S., Might 1,2020 REUTERS/Kevin Lamarque

In its newest report on monetary stability, the Fed said the worldwide pandemic enforced sweeping dangers. While policy actions from the Fed and others have actually assisted strengthen the economy, and the banking system has held up against the preliminary decline, the report warned of major risks if the pandemic proves lengthy or more severe than expected.

” The COVID-19 break out poses extreme threats to organisations of all sizes and countless families,” the reserve bank stated as it ran down a list of

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