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    <title>The Minutes of John Williams on risk</title>
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    <description>Everything John Williams has said on risk: 2 verbatim quotes, each with a timestamp and a link to the recording it came from.</description>
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    <lastBuildDate>Fri, 23 Oct 2026 11:03:06 +0000</lastBuildDate>
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      <title>Williams warns AI-driven execution could reduce trade sizes but increase opaqueness and risks in FX markets.</title>
      <link>https://minutesof.com/q/e576c147-3648-41fb-81c5-a71e5f93f7e9/</link>
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      <description>“Although AI-supported algorithmic-based execution could minimize market impact, it could potentially increase opaqueness and impact the ability to identify emerging risks.” — NY Fed speeches</description>
      <category>risk</category>
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      <title>Williams warns modest reserve declines could cause substantial overnight rate increases and market disruptions</title>
      <link>https://minutesof.com/q/3700bf5e-1e38-4fd8-a7cc-6c7840474bfd/</link>
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      <description>“This implies that banks would have to see large increases in overnight rates to be willing to shed modest amounts of reserves—or, conversely, that a modest decline in reserves could induce a substantial increase in overnight rates.” — NY Fed speeches</description>
      <category>risk</category>
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