Global imbalances continue to pose a risk of a sharp adjustment of exchange rates with implications, in particular, for the US dollar/euro exchange rate. A second significant uncertainty surrounds oil prices, which continue to be subject to the influence of geo-political tensions in the Middle East.
The Federal Reserve has always had a vital role in promoting the safety and 3/5  BIS central bankers' speeches  stability of the U.S. payment system by providing liquidity and operational continuity especially in times of stress. The FedNow Service would allow the Federal Reserve to extend this role into the real-time retail payment market. Finally, competition will promote efficiency and innovation.