Fed’s Bullard warns of financial crisis risks as virus cases spike


James Bullard

Olivia Michael | CNBC

St. Louis Federal Reserve Bank President James Bullard has warned that a growing number of bankruptcies due to the coronavirus outbreak could lead to a financial crisis, the Financial Times reported.

“Without more granular risk management on the part of the health policy, we could get a wave of substantial bankruptcies and (that) could feed into a financial crisis,” Bullard said in an interview with the newspaper on Wednesday.

He warned of “twists and turns” in the health crisis and said, “It’s probably prudent to keep our lending facilities in place for now, even though it’s true that liquidity has improved dramatically in financial markets.”

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