NEW YORK Aug 13 The short-term U.S. wholesale funding market remains vulnerable to runs and other crisis-era risks and must be made more stable, an influential Federal Reserve official said on Wednesday.
New York Fed President William Dudley said changes must be made in part because it is now more difficult, in the post-financial crisis era, for the U.S. central bank to intervene in the market if investors again lose confidence in broker-dealers that rely on short-term funding.
Some "important issues and vulnerabilities remain," Dudley said in kicking off a conference on wholesale funding risks, held at his Fed bank. "It is essential to make the system more stable."
Dudley did not comment on monetary policy or the economy. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)
BRIEF-PPG issues statement regarding decision by Amsterdam Enterprise Chamber
* PPG issues statement regarding decision by Amsterdam Enterprise Chamber
UPDATE 4-Barrick says strike ends at Veladero mine in Argentina
BUENOS AIRES, May 29 A strike by one of the labor unions at Barrick Gold Corp's Veladero mine in Argentina, the site of three cyanide solution spills in 18 months, has ended, the company said on Monday.