How the Fed’s Overnight Reverse Repo Facility Works
Daily take-up at the overnight reverse repo (ON RRP) facility increased from less than $1 billion in early March 2021 to just under $2 trillion on December 31, 2021. In the second post in this series, we take a closer look at this important tool in the Federal Reserve’s monetary policy implementation framework and discuss the factors behind the recent increase in volume.
Desk Operations: The New Normal
Remarks at the Annual Primary Dealer Meeting (delivered via videoconference).
The Fed’s Balance Sheet Runoff: The Role of Levered NBFIs and Households
In a Liberty Street Economics post that appeared yesterday, we described the mechanics of the Federal Reserve’s balance sheet “runoff” when newly issued Treasury securities are purchased by banks and money market funds (MMFs). The same mechanics would largely hold true when mortgage-backed securities (MBS) are purchased by banks. In this post, we show what happens when newly issued Treasury securities are purchased by levered nonbank financial institutions (NBFIs)—such as hedge funds or nonbank dealers—and by households.
Remarks on liquidity provision and on the economic outlook and monetary policy
Dallas Fed President Lorie Logan delivered these remarks to the Texas Bankers Association in San Antonio, Texas.
Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic
Remarks at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference).
Restoring price stability
Dallas Fed President Lorie Logan delivered this address on Feb. 14, 2023, at Prairie View A&M University.
Treasury Market Liquidity and Early Lessons from the Pandemic Shock
Remarks at Brookings-Chicago Booth Task Force on Financial Stability (TFFS) meeting, panel on market liquidity (delivered via videoconference).
A Return to Operating with Abundant Reserves
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Welcoming remarks at Fed Listens: Transitioning to the postpandemic economy in the Permian Basin
Dallas Fed President Lorie Logan delivered these remarks April 20, 2023, at the Fed Listens event at Odessa College in Odessa, Texas.
Implementing monetary policy: perspective from the open market trading desk: remarks before the Money Marketeers of New York University, New York City
Remarks before the Money Marketeers of New York University, New York City.