Fed's Quarles makes no comments on monetary policy

Federal Reserve (Fed) Vice Chairman of Supervision Randal Quarles said in remarks prepared for delivery at a Council for Economic Education event in New York, the US bank stress tests conducted during an “interim” period this year will help the Fed decide what permanent changes to make to the closely followed examinations, Reuters reports.

Key Quotes:

“Our challenge now is to preserve the strength of the test, while improving its efficiency, transparency, and integration into the post-crisis regulatory framework.” 

“Our experience with this ‘interim’ year will inform the move to a permanently longer testing cycle - a change that would, of course, be subject to a full notice and comment process.”