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This report, which was delivered to G20 Leaders ahead of their November Summit, provides a holistic review of the March market turmoil. The breadth and dynamics of the economic shock and related liquidity stress in March were unprecedented. The shock caused a fundamental repricing of risk and a heightened demand for safe assets. The stress also led to large and persistent imbalances in the demand for, and supply of, liquidity.



Particular activities and mechanisms in the financial system acted as mitigants or propagators of the liquidity stress. Central counterparties remained resilient despite market turbulence, though margin calls may have been larger than expected in some cases. Some investors in open-ended investment funds may have faced incentives to redeem ahead of others. While stronger bank capital and liquidity positions, built over the past decade as a result of the post-crisis reforms, helped to prevent a sharp rise in counterparty risks, banks may have been unwilling or unable to deploy substantial balance sheet capacity in an uncertain and volatile environment. Dealers also faced difficulties absorbing large sales of assets, amplifying turmoil in short-term funding markets. Market dysfunction was exacerbated by the substantial sales of US Treasuries by some leveraged non-bank investors and foreign holders. Absent central bank intervention, it is highly likely that the stress in the financial system would have worsened significantly.

The March turmoil underscores the need to strengthen the resilience of non-bank financial intermediation (NBFI). The review sets out an NBFI work programme, focusing on three main areas: work to examine and address specific risk factors and markets that contributed to amplification of the shock; enhancing understanding of systemic risks in NBFI and the financial system as a whole, including interactions between banks and non-banks and cross-border spill-overs; and assessing policies to address systemic risks in NBFI.

From the economic upheaval of the digital age to the rise of political polarization and the COVID-19 pandemic, journalism in America has been in a state of turmoil for decades. While U.S. journalists recognize the many challenges facing their industry, they continue to express a high degree of satisfaction and fulfillment in their jobs, according to an extensive new Pew Research Center survey of nearly 12,000 working U.S.-based journalists.

The U.S. subprime mortgage market is small relative to the enormous scale of global financial markets. So why was the impact of subprime developments on the markets apparently so large? To some extent, the outsized effects of the subprime mortgage problems on financial markets may have reflected broader concerns that problems in the U.S. housing market might restrain overall economic growth. But the developments in subprime were perhaps more a trigger than a fundamental cause of the financial turmoil. The episode led investors to become more uncertain about valuations of a range of complex or opaque structured credit products, not just those backed by subprime mortgages. They also reacted to market developments by increasing their assessment of the risks associated with a number of assets and, to some degree, by reducing their willingness to take on risk more generally. To be sure, these developments may well lead to a healthier financial system in the medium to long term: Increased investor scrutiny of structured credit products is likely to lead to greater transparency in these products and more rigor in the credit-rating process. And greater caution on the part of investors seems appropriate given the very narrow spreads and the loosening in some underwriting standards seen before the recent episode began. In the shorter term, however, these developments do imply a greater measure of financial restraint on economic growth as credit becomes more expensive and difficult to obtain.

The turmoil in financial markets significantly affected the Committee's outlook for the broader economy. Indeed, in a statement issued simultaneously with the Federal Reserve Board's August 17 announcement of the cut in the discount rate, the FOMC noted that the downside risks to growth had increased appreciably. However, to allow time to gather and evaluate incoming information, possible policy action was deferred until the Committee's next regularly scheduled meeting on September 18.

As you know, the Committee chose to cut its target for the federal funds rate by 50 basis points at the September meeting. This action was intended to help offset the tightening of credit conditions resulting from the financial turmoil. Risk-management considerations also played a role in the decision, given the possibility that the housing correction and tighter credit could presage a broader weakening in economic conditions that would be difficult to arrest. By doing more sooner, policy might be able to forestall some part of the potential adverse effects of the disruptions in financial markets. As most of the meeting participants saw growth likely to run below trend for a while and with the incoming inflation data on the favorable side, the risks to inflation from this action seemed acceptable, especially as the Committee was prepared to reverse the policy easing if inflation pressures proved stronger than expected.

turmoil strives to solve these problems by simulating hosts, time and thenetwork. This allows for an entire distributed system to run within a singleprocess on a single thread, achieving deterministic execution. We also providefine grain control over the network, with support for dropping, holding anddelaying messages between hosts.

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EgyptSince 2011, Egypt has witnessed protests, political turnovers, sporadic violence, and waves of repression. This analysis spans key events: a new generation of activists energized long-stagnate politics and countrywide demonstrations; political rivalries pitted secularists against Islamists; and internal turmoil led to the election of a former field marshal. Read more.

The effects of childhood family disruptions -- such as parental divorce, long-term separation from biological parents, parental abandonment and foster care -- can reverberate into later life, says a Cornell University sociologist. Women, in particular, who experienced childhood family turmoil are more likely to report interpersonal conflict in later life than are other women or men.


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