Stress testing is vital for supervising the safety and soundness of the largest banks and preserving the stability of the financial system. Michael Barr has concerns over changes to the stress test system being considered by the Fed

The US administration’s approach to financial markets mixes deregulatory policies with a range of other policies that are largely without precedent. Gary Gensler, Lev Menand and Joshua Younger catalogue the relevant policy shifts and consider how these shifts may impact financial stability, capital markets, and the global dollar system

The US economy has shown resilience in a context of sweeping changes in economic policy. Jerome Powell says inflation and the hiring slowdown are creating challenging conditions and that balance of risks is changing

The payment system is experiencing a technology-driven revolution. Christopher Waller outlines how the Fed is exploring the integration of emerging technologies such as tokens, smart contracts and AI into the payments system

The world is drifting toward a fragmented trade environment defined by subsidies, retaliation and industrial duplication. Jianwei Xu discusses how the world is moving into a period of entrenched manufacturing overcapacity, threatening deflation and stagnant growth

US trade deficits will have to be reduced to prevent a crisis down the road. Vijay Joshi and David Vines argue that fiscal consolidation, in association with a weaker dollar, appears to be the right way for the US to improve its trade balance