WSJ: COVID-19 Makes Fed’s Banking Stress Tests Look Easy
MAR 25, 2020 - 6:55 am
The Wall Street Journal reported that as the largest U.S. banks prepare for their annual stress tests, many are realizing that the impact of COVID-19 is far worse.
The Journal noted that annual tests were designed to determine if the nation’s largest banks would survive the worst economic conditions the Fed could imagine: a recession, declines in the stock market and oil prices, and upticks in loan defaults and unemployment.
Many are anticipating that the fallout of COVID-19 will be far worse than the nightmare scenario envisioned on the Fed’s stress test, according to the Journal.
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