Money
IMF: Financial System's Calm Response to Middle East War Masks Amplification Risks, Especially in Private Credit and Nonbanks
The IMF's April 2026 Global Financial Stability Report argues that the orderly market response to the Middle East war reflects resilience that 'should not be taken at face value' — and that elevated nonbank leverage, equity-market concentration, tight credit spreads, and opaque private credit create amplification channels that could turn future shocks into acute stress.