Fed meeting minutes: U.S. financial system remains "significantly" fragile
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最新报道：According to the Bijie.com news report, the Federal Reserve released the minutes of its July meeting, which stated that staff conducted an updated assessment of the stability of the U.S. financial system and, overall, continued to characterize the system's financial vulnerabilities as "significant." Staff judged that asset valuation pressures remained elevated. In the equity market, price-to-earnings ratios were at the upper end of their historical distributions; high-yield corporate bond spreads narrowed significantly and were at the low end relative to their historical distributions. Housing valuations declined slightly but remained elevated. Vulnerabilities associated with non-financial corporate and household debt were characterized as "modest." Household debt-to-GDP ratios were at their lowest level in 20 years, indicating that household balance sheets remained strong. Publicly listed companies' debt-serving capacity remained strong. Private sector debt grew rapidly, while interest coverage ratios for these companies fell to the lower end of their historical distributions, suggesting that vulnerabilities in this sector may be increasing.
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