ALM TODAY GROWTH TOMORROW Proactive risk management in uncertain times ALM TODAY GROWTH TOMORROW 2 From bank runs to unrealized losses, financial institutions in 2023 are facing growing risks to their deposit books and investment portfolios. And at the root of their problems are rising interest rates, driven by central banks’ efforts to curb inflation. Over the past year alone, the U.S. Federal Reserve has raised its funds rate by 500 basis points and counting. Many think that interest rates are nearing their peak. But a year ago, many thought inflation was transitory. With higher rates looking like they’re here to stay, financial institutions must now reeducate themselves on how to manage their exposure to interest rate risk. But we live in unpredictable times – and the more u

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