| The Federal Reserve warned of deteriorating liquidity conditions across key financial markets amid rising risks from the war in Ukraine, monetary tightening and high inflation in a semi-annual report published on Monday .
“Elevated inflation and rising rates in the United States could negatively affect domestic economic activity, asset prices, credit quality, and financial conditions more generally,” the report said. It also called out US house prices, which it said “could be particularly sensitive to shocks” given high valuations.
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