BIS Quarterly Review, September 2022
Market swings reflected investors' evolving perception of the outlook for inflation and monetary policy during the period under review.

Claudio Borio and Hyun Song Shin summarize the September 2022 Quarterly Review and answer journalists' questions about market developments and the economic outlook.
Overview
Worsening growth prospects and evolving perceptions of the monetary stance shaped financial markets during the review period.
More...Special features
Commodity markets: shocks and spillovers
Dislocations from the Russia-Ukraine war have buffeted commodity markets from both the financial and real sides.
Under pressure: market conditions and stress
When financial markets come under pressure, vital functions such as the efficient allocation of capital and price formation become impaired.
Sovereigns and sustainable bonds: challenges and new options
The sustainable bond market, comprising green, social and sustainability (GSS) bonds, continues to develop rapidly.
Borrower vulnerabilities, their distribution and credit losses
Central banks and other supervisory authorities have made significant efforts to collect borrower-level data on debt vulnerabilities.
Bank funding: evolution, stability and the role of foreign offices
The Covid-19 pandemic and the war in Ukraine have furthered a sustained retreat from global banking.