Federal Reserve officials are growing more uneasy about the state of U.S. financial markets, warning that elevated asset prices, opaque private credit markets, and debt-fueled artificial intelligence investment could leave the economy vulnerable.
Minutes from the Fed's April 28-29 policy meeting showed that staff and several policymakers viewed financial vulnerabilities as "notable," according to Reuters. The concerns come as Kevin Warsh was sworn in as Fed chair, succeeding Jerome Powell at a moment when markets are flashing mixed signals.
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