UK: The Chancellor Rachel Reeves delivers her Spring Statement

UK FINANCE MINISTER REEVES: OBR EXPECT INFLATION TO FALL FASTER THAN IT DID IN AUTUMN UK'S REEVES: OBR FORECASTS SHOW 2026 GDP GROWTH OF 1.1% (NOV FORECAST 1.4%) - OBR FORECASTS SHOW 2027 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) - OBR FORECASTS SHOW 2028 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) UK Chancellor Reeves: OBR Expects Unemployment To Peak Later This Year Then Fall UK Chancellor Reeves: We Expect GDP Per Capita To Grow By 5.6% Over Course Of Parliament UK'S REEVES: OBR FORECASTS SHOW 23.6 BLN STG OF HEADROOM VS CURRENT BUDGET FISCAL RULE (NOV FORECAST: 21.7 BLN STG, REUTERS POLL 24 BLN STG)

Good morning. It's a pleasure to be with you this morning to open our discussion on the bank liquidity framework. Hal and his team have assembled a series of excellent panels that will further inform our approach as we consider adjusting this framework. The panelists' perspectives—including academics, market participants, and fellow policymakers—will enrich our understanding of these complex issues and, importantly, challenge us to think critically about whether the framework we have in place works as intended. Bank liquidity ensures that the banking system remains resilient.1 Regulatory requirements including the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) were designed to ensure that potential cash withdrawal and repayment obligations could be met with on balance sheet holdings. Internal liquidity stress testing and resolution planning were also designed to require banks to assess liquidity positions, in preparation for monetizing assets under stressed conditions. In theory, these requirements should work together to mitigate the risk of a bank failure resulting from a lack of liquidity to meet its ongoing payment obligations and foreseeable cash outflows. Just in | Fed's Bowman refrains from discussing monetary policy or economic outlook in prepared remarks on bank liquidity regulations. FED'S BOWMAN: LIQUIDITY FRAMEWORK DOESN'T LOOK ENOUGH AT BANK STRESS ...