NEW YORK—The Federal Reserve said Monday that surging inflation and Russia’s war in Ukraine are now the greatest threats facing the global financial system, supplanting the coronavirus pandemic.
The observations came in the Fed’s semiannual Financial Stability Report that looks at trends in trading and investing as well as broad economic issues. The report is not an economic forecast, and does not try to predict the next risk to the financial system. But it does highlight areas of concern to central bankers.
