News Summary

• Andrew Bailey set out the assessment in a letter ahead of this week’s meetings.
• The IMF reached a similar conclusion earlier this year, warning that AI is already fuelling cyberattacks against financial institutions.
• Bailey flagged stretched valuations in AI assets, frailties in government debt markets, and rising leverage in equity markets.
• The letter arrived before the G20 sessions rather than after them, which is the point of it.
• Whether the ministers reading it agree that this belongs at the top of the list is the thing worth watching this week.