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Cover -- CONTENTS -- A ROBUST AND CONTINUING EXPANSION -- RISING MEDIUM-TERM FINANCIAL STABILITY RISKS -- THE POTENTIAL FOR A RISING EXTERNAL IMBALANCE -- TROUBLING SOCIAL OUTCOMES -- THE U.S. FISCAL POSITION IS UNSUSTAINABLE -- MONETARY NORMALIZATION-REST STOP OR END OF THE LINE? -- A MORE OPEN, STABLE, AND TRANSPARENT, RULES-BASED INTERNATIONAL SYSTEM FOR TRADE AND INVESTMENT -- GOVERNANCE AND TRANSPARENCY -- STAFF APPRAISAL -- BOXES -- 1. Macro-Financial Links Between Household Wealth and Consumption -- 2. Financial System Oversight Since the 2018 Article IV -- 3. Recent Developments in the U.S. Energy Sector -- 4. Outward Spillovers of Trade Tensions -- 5. The Social and Macroeconomic Toll of Opioid Addiction -- 6. Social Assistance Programs -- 7. The Impact of the Corporate Income Tax Cut -- 8. Salient Risks to Growth and Inflation -- 9. Hysteresis and the Scope for Continued Monetary Accommodation -- FIGURES -- 1. An Enduring Expansion with Low Inflation -- 2. Financial Sector Vulnerabilities -- 3. The Nature of Poverty in the United States -- 4. A Decades-Long Rise in Income and Wealth Inequality -- 5. A Secular Decline in Socioeconomic Mobility -- 6. Education Indicators -- TABLES -- 1. Selected Economic Indicators -- 2. Balance of Payments -- 3. Federal and General Government Finances -- 4. Core Financial Soundness Indicators for Deposit Takers -- APPENDICES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Public Debt Sustainability Analysis -- IV. External Debt Sustainability Analysis -- V. Implementation of FSAP Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

This paper discusses the results of the Financial System Stability Assessment on the United States made under the Financial Sector Assessment Program. It is found that welcome steps have been taken in strengthening the financial system. The Financial Stability Oversight Council now provides a useful forum for coordination, the regulatory perimeter has expanded, information sharing among agencies has improved, supervisory stress testing is leading changes in risk measurement and management, and new resolution powers have been established. However, new pockets of vulnerabilities have emerged, pa

Focus. The 2014 Article IV Consultation focused on five broad themes to strengthen therecovery and improve the long-term outlook: raising productivity growth and labor force participation, confronting poverty, keeping public debt on a sustained downward path, smoothly managing the exit from zero policy rates, and securing a safer financial system.Main policy issues.• Policies are needed to boost longer-term potential output through investments in infrastructure, raising educational outcomes, improving the tax structure, and developing and expanding a skilled labor force (including through i

In the face of rapid population ageing and the trend towards early retirement, there is a need to promote better employment opportunities for older people. Much has been said about the need for reform of old-age pensions and early retirement schemes but this may not be sufficient to raise employment rates for older people significantly or to reduce the future risk of labour shortages