## CHAPTER 1. Beneath the Resilience:

## Source details

**Canonical URL:** [CHAPTER 1. Beneath the Resilience:](https://www.imf.org/-/media/files/publications/gfsr/2026/october/english/ch1infographic.pdf)

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- [Markdown version](/-/media/files/publications/gfsr/2026/october/english/ch1infographic.pdf.md)
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Rising Risks, Unresolved Vulnerabilities

### POLICIES
- Contain excessive 
AI-related leverage, 
where excessive
- Ensure debt 
sustainability while 
strengthening bond 
market infrastructure 
and liquidity backstops
- Enhance cyber 
resilience to safeguard 
continuity of critical 
services
- EMs to rebuild external 
buffers and allowing 
flexible exchange rates 
adjustments to absorb 
shocks
- Implement international 
banking standards and 
strengthen oversight on 
nonbank financial 
intermediaries

### Risks that could catalyze market turmoil
- Mounting cyber threats
  - Zero-day rate
  - (Percent)
  - 0
  - 25
  - 50
  - 75
  - 100
  - 2021
  - 2022 2023 2024 2025 YTD
  - 2026
- Growing AI-related risks
  - Hyperscalers’ bond issuances
  - (% of IG Corporate)
  - 2024
  - YTD 2026
  - 0
  - 3
  - 6
  - 9
  - 12
  - APR
  - JUN
  - AUG
- Rising sovereign yields
  - Avg. 10-year yield change 
  - since April 2026 GFSR (bps)
  - -30
  - 0
  - 30
  - 60
  - 90
  - AE
  - EM

### Vulnerabilities that could amplify risks
- EM buffer erosion and alternative financing
- Liquidity mismatches of institutional investors
- Weak banks in a stress scenario
- Leveraged and liquidity risks in private credit
- Household debt burden under rising interest rates

### Summary statement
- Resilient markets mask risks amid underlying vulnerabilities

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2026/october/english/ch1infographic.pdf_