Growth in the major advanced economies, and the global economy more broadly, moderated in the second half of 2018 and into 2019. Growth forecasts have also been revised down and there are risks of a sharper downturn. This follows a period of above-trend growth that had supported financial stability as borrowers were well placed to meet their debt obligations and banks’ profits helped them increase their capital levels. Some asset prices declined sharply late last year but have since recovered. Asset prices generally remain at high levels, underpinned by low long-term interest rates. Long-term rates, after earlier ... (full story)