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Speech
Confidence in the implementation of U.S. monetary policy normalization: remarks at the 23rd EMEAP (Executives’ Meeting of East Asia-Pacific Central Banks) Governors’ Meeting, Manila, Philippines
Remarks at the 23rd EMEAP (Executives? Meeting of East Asia-Pacific Central Banks) Governors? Meeting, Manila, Philippines.
Discussion Paper
The Recent Rise in Discount Window Borrowing
The Federal Reserve’s primary credit program—offered through its “discount window” (DW)—provides temporary short-term funding to fundamentally sound banks. Historically, loan activity has been low during normal times due to a variety of factors, including the DW’s status as a back-up source of liquidity with a relatively punitive interest rate, the stigma attached to DW borrowing from the central bank, and, since 2008, elevated levels of reserves in the banking system. However, beginning in 2022, DW borrowing under the primary credit program increased notably in comparison to past ...
Journal Article
Bank Funding and FHLB Advances
The composition of bank funding has changed considerably since the onset of the COVID-19 pandemic, revealing not only the importance of Federal Home Loan Bank (FHLB) advances in times of stress but also sized-based differences in access to capital markets once the stresses abate. The latter raises the question of whether large banks in particular can replace deposit outflows with capital market funding instead of relying on contingent funding from FHLBs.