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Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets
Long-term interest rates hit record-low levels in 2012 but have since increased substantially.
Monetary Policy Surprises and Monetary Policy Uncertainty
In this note we find that after a given monetary policy surprise, primary dealers--key intermediaries in interest rate markets--tend to adjust their positions in the U.S. Treasury market and their exposures to interest rates more when the prevailing level of policy uncertainty is low than when it is high.