Federal Reserve’s Randal Quarles says covid pandemic stresses highlighted fragility in nonbanks

United States Federal Reserve Vice Chair Randal Quarles said today that the market stresses created by the coronavirus pandemic showed the nonbank financial system is “significantly more fragile” than its traditional counterpart.

Quarles said that while decisive action from central banks and regulators helped ease market turmoil, recent events have shown global regulators have “work to do” to shore up nonbanks, including improving resiliency in money market funds.

Federal Reserve’s Randal Quarles says covid pandemic stresses highlighted fragility in nonbanks via @MasterMindUpdate
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