The ‘Boot of Cortez’ Returns to Auction After Nearly Two Decades

This report presents the Federal Reserve Board’s current assessment of the stability of the U.S. financial system. By publishing this report, the Board intends to promote public understanding by increasing transparency around, and creating accountability for, the Federal Reserve’s views on this topic. Financial stability supports the objectives assigned to the Federal Reserve, including full employment and stable prices, a safe and sound banking system, and an efficient payments system. A financial system is considered stable when banks, other lenders, and financial markets are able to provide households, communities, and businesses with the financing they need to invest, grow, and participate in a well-functioning economy—and can do so even when hit by adverse events, or “shocks.” Fed Survey respondents put geopolitical risks in top spot in spring 2026 survey, up one notch from fall 2025 survey. AI climbs to no. 3 from no. 5; private credit climbs to no. 4 from no. 9. Inflation/tightening drops to no. 5 from no. 3

*US, IRAN MAY RESUME TALKS AS EARLY AS NEXT WK IN ISLAMABAD: WSJ *WSJ REPORTS DETAILS OF PROPOSAL BEING REVIEWED BY IRAN *IRAN REMAINS OPPOSED TO TRANSFERRING NUCLEAR MATERIAL TO US: WSJ

Thank you for the opportunity to speak to you today.1 What I want to talk about is central bank independence but applied to Reserve Bank operations. The decentralized and regional ...

Good afternoon and thank you for the invitation to join you at the Hoover Institution's annual Monetary Policy Conference.1 As the Federal Reserve's Vice Chair for Supervision, I ...

A year and a half ago, I gave a talk here in this very room for the Stanford Institute for Economic Policy Research (SIEPR), in which I argued that, although the productivity data ...