FED_SPEECH · March 31, 2026 · 12:00 ET
Fed Speech · Barr
Released
Fed Speech · Barr is scheduled for March 31, 2026 at 12:00 ET. The actual figure appears here after the official release.
About this release
Fed governors and regional presidents speak at conferences and testimony. Because policy runs on expectations, these remarks are the committee’s expectation-management channel between meetings.
Between meetings, Fed officials steer expectations through speeches — the chair and voting members can move markets mid-sentence.
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What the statement says
Neutral-to-hawkish: Barr stresses strict reserve asset limits for stablecoins to prevent runs, citing the GENIUS Act's core provision
- Explicitly identifies the GENIUS Act’s 'primary tool to mitigate the risk of runs' as 'limiting permissible reserve assets to an itemized list of high-quality, highly liquid assets' — the core regulatory design against runs.
- Warns that stablecoins 'will be stable only if they can be reliably and promptly redeemed at par in a wide range of conditions', including market stress — directly challenging current reserve asset resilience.
- Draws direct historical parallels to run risks: cites the 1800s Free Banking Era banknote discounts, the 1907 Panic’s trust company runs, and MMF stress in 2008 and 2020, stating 'These same run dynamics occurred in modern times...'.
- Highlights issuers’ incentive to 'maximize the return on their reserve assets', which 'can increase profits in good times but risks undermining confidence during market stress.'
AI-generated summary of the official text. The official statement is authoritative. Not investment advice.
Figures as published by the official source, which is authoritative. Not investment advice.