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Speech
Transcript of Roberto Perli on the Macro Musings Podcast
Slowing the pace of its balance sheet runoff is an important step the Fed can take to more effectively manage risks while allowing the banking system to adapt to lower levels of reserves.
Discussion Paper
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.
Speech
Presentation by Dina Tavares Marchioni at the 2024 Crane Data Money Fund Symposium
Presentation on Balance Sheet Runoff and Money Market Monitoring delivered by Dina Tavares Marchioni, Director of Money Markets at the Federal Reserve Bank of New York on June 14, 2024.
Speech
Balance Sheet Reduction: Progress to Date and a Look Ahead
Remarks at 2024 Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.