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Brainard says Fed lacks complete data on financial system

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The Federal Reserve lacks complete data on various parts of the financial system, which presents a challenge as the central bank ramps up its effort to ensure financial stability, a top Fed official said on Thursday.

[WASHINGTON] The Federal Reserve lacks complete data on various parts of the financial system, which presents a challenge as the central bank ramps up its effort to ensure financial stability, a top Fed official said on Thursday.

"We don't even really have complete data on the various, different parts of the financial system yet. There are still some impediments to getting that kind of access," Lael Brainard said in response to a question following a speech at a Cleveland Federal Reserve Bank event here.

Mr Brainard said more data and research into the system and its vulnerabilities would allow the Fed to better implement some of its financial stability tools. "I think what it would lead to is a set of recommendations on tools that would be even more carefully targeted and also under what circumstances those tools get turned on and off," Mr Brainard said.

REUTERS