If the recovery is stronger than expected, the public should anticipate that one or both of the  10  See Board of Governors of the Federal Reserve System (2012), “Federal Reserve Issues FOMC Statement of Longer-Run Goals and Policy Strategy,” press release, January 25. 11  See “Statement on Longer-Run Goals and Monetary Policy Strategy (PDF),” as amended effective January 29, 2013.
Market participants, including financial institutions, hedge funds, and rating agencies are also assessing the need for changes in light of recent events. For example, the Institute of International Finance has established a committee to review a host of issues, including risk management, the use of off-balance-sheet vehicles, the valuation of complex products, and transparency. What can CFAs do?