2026 Midterm Elections Pose Major Risk to Crypto Policy Progress, Tether Executive Warns

This report presents the Federal Reserve Board’s current assessment of the stability of the U.S. financial system. By publishing this report, the Board intends to promote public understanding by increasing transparency around, and creating accountability for, the Federal Reserve’s views on this topic. Financial stability supports the objectives assigned to the Federal Reserve, including full employment and stable prices, a safe and sound banking system, and an efficient payments system. A financial system is considered stable when banks, other lenders, and financial markets are able to provide households, communities, and businesses with the financing they need to invest, grow, and participate in a well-functioning economy—and can do so even when hit by adverse events, or “shocks.” Fed Survey respondents put geopolitical risks in top spot in spring 2026 survey, up one notch from fall 2025 survey. AI climbs to no. 3 from no. 5; private credit climbs to no. 4 from no. 9. Inflation/tightening drops to no. 5 from no. 3