Federal Reserve Financial Stability Report
The Fed Board's twice-yearly assessment of US financial system vulnerabilities across asset valuations, household and business borrowing, financial-sector leverage and funding risk, with a survey of the risks market contacts worry about most.
Free to read
The Financial Stability Report sets out how the Fed Board judges the resilience of the US financial system, using a fixed framework of four vulnerabilities: asset valuation pressures, borrowing by businesses and households, leverage in the financial sector, and funding risks. Each edition updates the evidence with charts on equity and credit valuations, corporate leverage, bank and hedge fund leverage, and money fund and deposit runs. It then closes with near-term risks, including a box that summarizes a New York Fed survey of market contacts on salient risks.
Because the framework stays the same from edition to edition, you can track how the Fed's view of one area, such as private credit or Treasury market liquidity, changes over several years. The charts are some of the best free visuals of US leverage.
Read the overview and the salient-risks survey first, then go to the section that matches your market. The archive runs back to the first edition in November 2018.
Start with
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1
Financial Stability Report, May 2026
The latest edition, laid out section by section.
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2
May 2026: Near-Term Risks to the Financial System
Includes the survey of 20 market contacts on salient risks, which put geopolitics, oil, AI and private credit at the top.
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3
Financial Stability Report, May 2026 (PDF)
The full report with every chart in one file.