The stability of the U.S. financial system is significant, with risks and challenges coexisting.

According to reports from the Hash World Chain, the Federal Reserve noted in the minutes of its July meeting that, overall, the financial vulnerabilities of the U.S. financial system are still described as 'significant.' Staff assessed that asset valuation pressures are at high levels. The price-to-earnings ratio in the stock market is at the upper end of its historical distribution; the spread on high-yield corporate bonds has narrowed significantly, placing it at a low level relative to its historical distribution. Housing valuations have slightly decreased but remain high. Vulnerabilities related to non-financial corporate and household debt are described as 'moderate.' The household debt-to-GDP ratio is at its lowest level in the past 20 years, and household balance sheets remain robust. The debt repayment capacity of listed companies remains strong. In the case of private enterprises, debt is growing rapidly, while the interest coverage ratio for these companies has fallen into the lower range of its historical distribution, suggesting that vulnerabilities in this sector may be intensifying.