Search Results
Journal Article
OTC Derivatives—A Primer on Market Infrastructure and Regulatory Policy
In this article, we discuss some recent developments relating to the regulation of derivatives markets, specifically the Group of Twenty (G-20) mandates, and examine the infrastructure that supports derivatives markets (including both the trade execution and post-trade clearing and settlement processes). Then we identify some of the policy issues raised by the G-20 market structure mandates. To provide a foundation for that discussion, first we explain some key concepts and terms.
Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Remarks at SIFMA Webinar.
Speech
A Different Kind of Recession
Remarks at the Institute of International Finance: Central Banking in the Age of COVID-19 Summit (delivered via videoconference).
Speech
Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic
Remarks at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference).
Briefing
Are Markets Becoming Less Competitive?
National markets in many U.S. industries seem to be increasingly dominated by large companies. Some policymakers have argued that this growing market concentration is a sign of weakening competition, but concentration by itself does not necessarily translate into market power. It may be too soon to reach a decisive conclusion about whether market power, not simply market concentration, is on the rise.
Speech
Recent Global Developments and Central Bank Responsibilities in a Changing Risk Landscape
Remarks at the Official Sector Service Providers (OSSP)-Bank Negara Malaysia (BNM)-South East Asian Central Banks (SEACEN) Research and Training Centre Forum on Central Bank Foreign Currency Operations.
Journal Article
Leveraging New Resources by Acknowledging Market Failures While Exploring Market Opportunities
At Enterprise Community Partners, our mission is to create opportunity for low- and moderate-income people through the creation and preservation of affordable housing in diverse, thriving communities. We?ve done this work for more than 35 years, bringing together national know-how, partners, policy leadership, and investment to multiply the impact of local affordable housing development. Over that time, we have invested more than $36 billion through public-private partnerships, resulting in more than half a million healthy, well-designed affordable homes, critical community assets like ...
Speech
Risk management in monetary policymaking: remarks to the National Association of Corporate Directors, New England Chapter, Boston, Massachusetts, March 5, 2019
Eric Rosengren, the Boston Fed president, offered up a ?relatively strong forecast? for the economy in 2019: growth somewhat above 2 percent, inflation close to the Fed?s 2 percent target, and a labor market that continues to tighten. However, ?risks to that outlook have increased recently,? he said, in a talk focused on assessing and managing those risks.
Speech
Perspectives on monetary policy and market volatility: remarks to The Boston Economic Club, Federal Reserve Bank of Boston, Boston, Massachusetts, January 9, 2019
Federal Reserve Bank of Boston President Eric Rosengren spoke about the economy?s outlook, recent stock-market volatility, and the implications for the Fed?s monetary policy. In his talk, Rosengren contrasts the pessimism reflected in financial markets with the relatively optimistic outlooks of professional forecasters and Fed policymakers.
Discussion Paper
Why Do Banks Feel Discount Window Stigma?
Even when banks face acute liquidity shortages, they often appear reluctant to borrow at the New York Fed’s discount window (DW) out of concern that such borrowing may be interpreted as a sign of financial weakness. This phenomenon is often called “DW stigma.” In this post, we explore possible reasons why banks may feel such stigma.