The BIS expressed worry in its most recent quarterly report regarding the ongoing crypto market issues as well as September’s UK government bond market volatility.
The BIS has also advised central banks to take aggressive measures to reduce inflation. This extremely short-term secret borrowing is part of a massive, unaccounted-for, and increasing debt.
The bank stated the “hidden” debt estimate of $80 trillion or more exceeds the inventories of USD Treasury notes, repo, and commercial paper combined. Dollar commitments from FX swaps are now treble their on-balance-sheet dollar debt for both non-US banks and non-US ‘non-banks’ such as pension funds.
The BIS report also examined recent market developments, while other sections of the report focused on findings from its recent global FX market survey.
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Harold
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