美联储委员会：2023年金融稳定报告（英文版）（85页）.pdf

1、BOARD OF G OV E R N O R S O F T H E FE DER AL R ES ERVE S YS TEMMay 2023Financial Stability ReportThe Federal Reserve System is the central bank of the United States.It performs five key functions to promote the effective operation of the U.S.economy and,more generally,the public interest.The Federa

2、l Reserve conducts the nations monetary policy to promote maximum employment and stable prices in the U.S.economy;promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S.and abroad;promotes the safety and sou

3、ndness of individual financial institutions and monitors their impact on the financial system as a whole;fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S.government that facilitate U.S.-dollar transactions and payments;and promotes cons

4、umer protection and community development through consumer-focused supervision and examination,research and analysis of emerging consumer issues and trends,community economic development activities,and administration of consumer laws and regulations.To learn more about us,visit www.federalreserve.go

5、v/aboutthefed.htm.iContentsPurpose and Framework .iiiOverview .11 Asset Valuations .5Box 1.1.Update on the Transition to the Secured Overnight Financing Rate .13Box 1.2.Financial Institutions Exposure to Commercial Real Estate Debt .162 Borrowing by Businesses and Households .213 Leverage in the Fin

6、ancial Sector .31Box 3.1.The Bank Stresses since March 2023 .34Box 3.2.Financial Stability Risks from Private Credit Funds Appear Limited .454 Funding Risks .49Box 4.1.The Federal Reserves Actions to Protect Bank Depositors and Support the Flow of Credit to Households and Businesses.535 Near-Term Ri