Comments in the semi-annual monetary policy
- US economy grew moderately last year
- Labor market strengthened further and inflation continued to run below target
- Probability of recession in the next year has 'fallen noticeably' in recent months
- Downside risks seem to have receded in late 2019 due to decrease in trade tensions
- Global slowdown in manufacturing and trade appears to be nearing an end while consumer spending and services activities continue to hold up
- Possible virus spillovers present a new risk
- Asset valuations and business debt are elevated; leverage in the financial sector appears low by historical norms
- Fragilities in the corporate and financial sector in China are a risk
- Market conditions were quite calm around year end after added liquidity
There's nothing groundbreaking here.