Bank holding companies are actively responding to these pressures and some have sought to increase more stable sources of funding to bolster their liquidity positions. In addition, as noted in last week's Monetary Policy Report, the Federal Reserve has taken a number of steps to address the difficulties in term funding markets.
Our MSMEs will surely benefit from initiatives to broaden their customer reach, reduce the costs of managing cash, and provide 1/2  BIS central bankers' speeches  greater access to credit. There is much to be done but it is only when we work together that we can succeed.