(Washington) The risks to financial stability in the United States have increased over the past six months, the American central bank (Fed) warned in a report on Monday, citing inflation, the war in Ukraine or even the difficulties of the sector. real estate in China.
Posted at 4:39 p.m.
“Tensions in Europe related to the Russian invasion of Ukraine or in emerging markets, or which could originate in China or be fueled by inflationary pressures, could spill over to the United States,” said the Federal Reserve ( Fed) in its semi-annual financial stability report.
“In addition, high inflation and rising interest rates in the United States could negatively impact domestic economic activity, asset prices, credit quality and financial conditions more broadly,” is it specified.
Loans granted to households and businesses remain reliable, notes the institution, and payment delays and defaults are at their lowest for 20 years.
But “rising inflation, supply chain disruptions and ongoing geopolitical events could pose risks to the ability of some businesses and households to repay their debts.”
The previous financial stability report was published in November 2021, and since then “uncertainty has increased about the economic outlook”, indicates the Fed.
The institution then pointed to the risks to global growth posed by the difficulties of the real estate sector in China, weighed down by the setbacks of the giant Evergrande.
Six months later, the danger persists, warns the Fed, which reports that “in China, debt levels are high in the real estate sector, where activity and prices fell sharply last year”.
“If this slowdown intensifies, its effects […] could be amplified by lockdowns or other disruptions to the economy due to further spikes in COVID-19 cases, new regulatory restrictions (including new measures to curb the tech sector), or any setbacks in exchanges or investments of other countries for geopolitical reasons”, warns the central bank.
These tensions “could put a strain on global financial markets […]potentially affecting the United States”, notes the Fed again.