美联储理事库克警告：资产价格大跌可能性已经上升

Core Viewpoint - Federal Reserve Governor Lisa Cook indicates that asset valuations across multiple markets are currently high compared to historical benchmarks, suggesting an increased likelihood of significant asset price declines [1] Group 1: Market Valuations - Cook highlights that stock markets, corporate bonds, leveraged loan markets, and real estate markets are all experiencing elevated asset valuations [1] - The potential for a significant drop in asset prices has risen, although the overall resilience of the financial system remains strong [1] Group 2: Hedge Fund Holdings - The proportion of U.S. Treasury holdings by hedge funds has increased from approximately 4.6% in Q1 2021 to 10.3% in Q1 2023, surpassing the pre-COVID high of 9.4% [1] - A substantial reduction in Treasury holdings by hedge funds due to market changes could lead to a significant increase in the scale of liquidations [1] Group 3: Private Credit Market - The complexity of the private credit market has increased, with deeper interconnections with highly leveraged financial institutions, raising the risk of unexpected losses spreading throughout the broader financial system [1] - Currently, there is no indication that private credit will trigger unexpected credit tightening similar to the asset-backed commercial paper market in 2008 [1]