Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters
Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters
Stephen Roach
Opinion

Opinion

Stephen Roach

For the cause of the next financial crisis, look to central banks’ overextended balance sheets

  • Assets of the US Federal Reserve, European Central Banks and Bank of Japan stand at 3.5 times their pre-crisis level
  • Protectionism, populism and political dysfunction could provide the trigger that tips vulnerable global markets into crisis

Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters
Traders work at the New York Stock Exchange as a screen shows US Federal Reserve chairman Jerome Powell’s press conference after the central bank announced it would cut interest rates for the third time this year, on October 30. Photo: Reuters
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.