The 2022 OFR Annual Report reviews financial market developments, describes potential emerging threats to U.S. financial stability and assesses global economies, financial markets and liquidity, financial institutions, digital assets, cybersecurity risks, climate change risks, and the performance of the Office.

Several risk factors contributed to U.S. financial instability.

  • the financial and economic stress of Russia’s war against Ukraine
  • the Federal Reserve’s tightening of monetary policy to reduce elevated inflation
  • lingering supply disruptions as economies continued grappling with the COVID-19 pandemic
  • economic uncertainty based on the slowing of global growth