BIS Quarterly Review, September 2022

Market swings reflected investors' evolving perception of the outlook for inflation and monetary policy during the period under review.

BIS Quarterly Review  | 
19 September 2022
Markets swing on changing perceptions of the policy outlook: BIS Quarterly Review
19 Sep 2022 Media briefing on the BIS Quarterly Review, September 2022

Claudio Borio and Hyun Song Shin summarize the September 2022 Quarterly Review and answer journalists' questions about market developments and the economic outlook.


Worsening growth prospects and evolving perceptions of the monetary stance shaped financial markets during the review period.


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

Authors:  John Caparusso and Bryan Hardy

The Covid-19 pandemic and the war in Ukraine have furthered a sustained retreat from global banking.