美联储理事库克警告：资产价格大跌可能性已经上升，潜在的资产价格下跌并不会对金融体系构成风险

Group 1 - The core viewpoint is that asset valuations across multiple markets are currently high compared to historical benchmarks, increasing the likelihood of a significant drop in asset prices, although the overall resilience of the financial system remains strong [1][3] - 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-pandemic high of 9.4%, indicating that a substantial reduction in Treasury holdings by hedge funds could lead to significant liquidation events [3] - The complexity of the private credit market has increased, and the interconnectedness with highly leveraged financial institutions raises the potential for unexpected losses in private credit to spread throughout the broader financial system [3]