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Yellen: No need to change monetary policy

Despite pockets of increased risk-taking

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In a speech on Wednesday, Federal Reserve Chair Janet Yellen said there is no need to change current monetary policy to address financial stability concerns although she sees “pockets of increased risk-taking” in the financial system. Per Bloomberg:

“Monetary policy faces significant limitations as a tool to promote financial stability,” Yellen said today at the International Monetary Fund in Washington. “Its effects on financial vulnerabilities, such as excessive leverage and maturity transformation, are not well understood and are less direct than a regulatory or supervisory approach.”

Yellen said the “primary role” should fall to a macroprudential approach, a combination of multiagency oversight, attention to bank capital and liquidity, and regulatory pressure to create buffers against failure.

Source: Bloomberg
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