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The Evolution of Household Net Worth during COVID-19
The U.S. economy suffered a huge shock with the onset of the COVID-19 pandemic, yet asset returns were relatively high during the recovery. Who benefited?
Journal Article
Considerations for the Longer-Run Maturity Composition of the Federal Reserve’s Treasury Portfolio
The Federal Reserve’s Treasury portfolio is weighted toward long-duration assets, reflecting large-scale asset purchases deployed after the financial crisis and again during the pandemic. In the longer run, policymakers may prefer to return to a shorter-duration Treasury portfolio like the Fed maintained before 2008. However, the exact composition of the portfolio will depend on how policymakers balance competing considerations: policy space, interest rate risk, market neutrality, and safe-asset provision.