FOMC Member Quarles Speaks – Key Takeaways

FOMC Member Quarles spoke about the Financial Stability Board agenda at a policy conference hosted by the European Central Bank, in Frankfurt. So far, I haven’t found anything directly relevant to move the market. However, here’s a glimpse of his updates.

Key Points:

The financial crisis exposed fault lines in the financial system that had to be addressed immediately, comprehensively, and vigorously.

The post-crisis reform program has been mostly completed.

The largest global banks have more capital and liquidity; essentially, over-the-counter derivatives markets are safer, and steps have been taken to address the risks of too-big-to-fail institutions.

He also shared some questions about working on relating to the rise of large technology firms in the financial sector and decentralized financial technologies.

Indeed, it does not have much to do with the forex market. Let’s now wait for the US GDP figures which are due in an hour from now at 12:30 (GMT). The market typically shows a strong movement on a surprising number.