Fabio Natalucci, Deputy Director of the Monetary and Capital Markets Department at the International Monetary Fund, discusses the April 2018 Global Financial Stability Report (GFSR). A bumpy road ahead could put growth at risk in the medium term, both because short-term financial-stability risks have increased, and because financial vulnerabilities have built up over the years. Natalucci discusses concerns that central banks may abruptly shift monetary policies by quickly raising rates, the ways in which financial markets have benefited from central bank communication, and the increasing challenges faced by policymakers.