The United States Office of Financial Research (OFR) published its 2025 Annual Report to Congress, presenting its analysis of threats to the financial stability of the United States and summarising progress in delivering its mission. Prepared as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the report also sets out key findings from the OFR’s research and analysis of the financial system and covers the fiscal year ending 30 September 2025.