Business debt rising but not posing threat to system, Fed Chair Powell says
Particular concern has been raised about companies whose bonds are rated close to junk and would have trouble rolling over that debt should rates continue to rise.
His speech focused solely on risks to the financial system and did not delve into monetary policy and the Fed's intentions regarding interest rates. At around $6.2 trillion, nonfinancial corporate debt is around record levels. Powell noted that individual businesses that have levered up do face risks of financial strain. But, he said, overall debt-to-GDP has risen at a rate consistent with other expansions and is not posing the threat of a bubble.
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