Board of Governors of the Federal Reserve System

markets. I will also highlight various Federal Reserve System initiatives...markets. Like any other businesses, financial service firms will provide

Analysis,” in Ajay Agrawal, Joshua Gans, and Avi Goldfarb, eds., The Economics...breadth of applications associated with AI—many of which are already apparent—make

leadership team and renewed enthusiasm, the Greater Washington, D.C., ...market participants and manage the risks that come with the opportunities

Market Risk Models October 2025 Updated January 2026 This document summarizes...market risk models that the Board of Governors of the Federal Reserve

Sector Let me begin with some background on the subprime-mortgage sector...and, thus, mortgage borrowers) greater access to capital markets, lowered

and, since 2023, have had the honor of serving as chair. After four years...analysis, the analytical workhorse of financial stability analysis. I

and, in fact, the unemployment rate ticked down in this 1 The views expressed...sector was consistent with a modest expansion of activity. As for the

leadership lauded the feedback received from payment system participants...analysis of responses, the Reserve Banks have a number of additional information

and, as a consequence, the United States at one time had more than 25,000...analysis of the current condition of the economy and, for the most part

private-sector adjustment factor (PSAF). The Reserve Banks' operating ...expenses—and the return on equity (profit) that would have been earned