Did Fed’s stress capital buffer blunt CCAR?
Experts fear flagship test’s use as a capital top-up has undermined its role in risk management
Earlier this month, 32 large banks submitted their company-run stress-test results to the Federal Reserve for review. It is the first such annual exercise the Fed has designed since the banking crisis that exploded in March 2023, and the test results will therefore be closely watched by banks, investors and regulators alike.
Or perhaps not. Instead, there is a consensus across Wall Street that when
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