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Journal Article
Community Bank Funding Is Getting Costlier and Riskier
Laliberte, Brendan; Marsh, W. Blake; Sharma, Padma (2023-12-19)
Banks’ core funding has been under pressure since the Federal Open Market Committee (FOMC) began raising rates in early 2022. As depositors shift funds out of low-yielding savings and noninterest-bearing deposit accounts and into more lucrative alternative investments, community banks have increasingly turned to longer-maturity deposits and borrowings to finance their balance sheets. Although these funding sources allow banks to retain their asset size, they are both more expensive and potentially less stable.
Economic Bulletin

Speech
The Economy in the Time of Coronavirus
Williams, John C. (2020-05-21)
Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference).
Speech

Speech
The Prospects for Disinflation in 2023
Bullard, James B. (2023-01-05)
St. Louis Fed President Jim Bullard presented “The Prospects for Disinflation in 2023” at an event hosted by CFA Society St. Louis. Disinflation refers to a decrease in the rate of inflation toward the Fed’s 2% inflation target.Bullard noted that GDP growth appears to have improved in the second half of 2022 and the labor market performance remains strong. Inflation remains too high but has declined recently, he added.While the policy rate is not yet in a zone that may be considered sufficiently restrictive, it is getting closer, Bullard said. In addition, front-loaded Fed policy has ...
Speech

Report
The execution of monetary policy: a tale of two central banks
Bartolini, Leonardo; Prati, Alessandro (2003)
The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The latter institution follows a much more "hands-on" approach involving daily intervention to fine-tune the liquidity of the banking system. We review the implications of these contrasting approaches, focusing on their impact on the high-frequency behavior of very short-term interest rates. We also examine ...
Staff Reports , Paper 165

Speech
The U.S. economic outlook and monetary policy
Logan, Lorie (2023-01-18)
Dallas Fed President Lorie Logan delivered this address on Jan. 18, 2023, at The University of Texas at Austin McCombs School of Business as part of her 360° in 365 Listening Tour of the Eleventh Federal Reserve District.
Speeches and Essays

Interest rate volatility contributed to higher mortgage rates in 2022
Frame, W. Scott; McCormick, Matthew (2023-04-04)
The Federal Reserve aggressively tightened monetary policy in 2022, responding to high and persistent inflation. The resulting borrowing cost increase for households and firms was generally anticipated. However, fixed-rate mortgage interest rates were especially sensitive to the policy regime change.
Dallas Fed Economics

Working Paper
Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium
D'Amico, Stefania; Pancost, N. Aaron (2018-12-03)
We estimate the joint term-structure of U.S. Treasury cash and repo rates using daily prices of all outstanding Treasury securities and corresponding special collateral (SC) repo rates. This allows us to derive a risk premium associated to the SC value of Treasuries and quantitatively link this premium to various price anomalies, such as the on-the-run premium. We show that a time-varying SC risk premium can explain between 74%?90% of the on-the-run premium, and is highly correlated with a number of other Treasury market anomalies. This suggests a commonality across these price anomalies, ...
Working Paper Series , Paper WP-2018-21

Report
LIBOR: origins, economics, crisis, scandal, and reform
Hou, David; Skeie, David R. (2014-03-01)
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. Policymakers across the globe now face the task of reforming LIBOR in the aftermath of the scandal and ...
Staff Reports , Paper 667

Speech
Bullard Discusses Financial Stress, Rate Increases and Inflation on Bloomberg TV
Bullard, James B. (2023-04-03)
During an appearance on Bloomberg TV, St. Louis Fed President Jim Bullard discussed financial stress, the federal funds rate and inflation.On banking sector problems, Bullard said the reaction was swift and appropriate. He said he projected an 80% probability that the financial stress within the sector will decline.“You’ve got the macroprudential tools for financial stress, and you’ve got monetary policy to fight inflation. We can do both as long as financial stress doesn’t morph into something much larger,” he said.To bring down inflation, Bullard said the median Federal Open ...
Speech

Journal Article
The Evolving Role of the Fed’s Balance Sheet: Effects and Challenges
Gulati, Chaitri; Smith, Andrew Lee (2022-11-17)
In this article, Chaitri Gulati and A. Lee Smith present evidence that the Federal Reserve’s expanded balance sheet, with a large portfolio of long-duration assets, has provided a significant amount of policy accommodation in recent years, depressing long-term interest rates by about 1.6 percentage points as of early 2022. They also argue that the FOMC’s plan to remove this accommodation through the passive runoff of maturing securities may prove challenging. They project that the downward pressure the balance sheet is currently placing on longer-term interest rates will only gradually ...
Economic Review , Volume 107 , Issue no.4

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