William C Dudley: The challenges ahead Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Center for the New Economy 2010 Economic Conference, San Juan, Puerto Rico, 19 February 2010. *  *  *  Thank you very much and good morning. Although this is my first visit to Puerto Rico in my current role, I have been here a number of times, going way back to a childhood visit with my parents. It’s a beautiful and special place, but I must admit that coming in February has some special advantages. I welcome this opportunity to talk with business leaders, workers and educators. My goals are to hear what issues are on the minds of people here and to let you know what the Federal Reserve has been doing to help improve the economy. So I’m very grateful to the Center for the New Economy (CNE) for giving me the opportunity to speak to – and learn from – you. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. I want to start by talking about the implications of the close economic ties between the mainland and Puerto Rico. Since the economies of the mainland and the Commonwealth are very tightly linked, what happens on the mainland has important consequences for Puerto Rico, as well.
As an illustration, the Pension Protection Fund’s PPF 7800  index suggests that, between end-2021 and end-  September 2022 – a period in which interest rates rose substantially – the liabilities of UK DB schemes fell by 36% (from £ to £ whereas their assets fell by only 20% (from £ to £ leaving their net assets nearly three times higher. 2. See Thirteen days in October: how central bank balance sheets can support monetary and financial stability – speech by Andrew Hauser 3. See The impact of leveraged investors on market liquidity and financial stability – speech by Jon Cunliffe 4. See Taking our second chance to make MMFs more resilient - speech by Andrew Bailey 5. See ‘The role of non-bank financial intermediaries in the ‘dash for cash’ in sterling markets’, Bank of England Financial Stability Paper, number 47. 6. See ‘Seven Moments in Spring: Covid-19, financial markets and the Bank of England’s balance sheet operations’ – speech by Andrew Hauser 7. See ‘Sizing hedge funds' Treasury market activities and holdings’  ,  8. See ‘Hedge Funds and the Treasury Cash-Futures Disconnect’ 9. See ‘Leverage and margin spirals in fixed income markets during the Covid-19 crisis’  10.