We already have seen signs of heightened demands for liquidity and safety in the United States. The Federal Reserve expects banks and other financial intermediaries to have reasonable plans in place to manage cash and liquidity and provide for contingencies over the century date change.
However, we also recognize our responsibility to assure that adequate overall levels of liquidity are available and to provide a backstop to the financial system. The Federal Reserve has a number of tools available to effectuate monetary policy and to satisfy market liquidity needs.