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Speech
Discussion of ‘Quantitative Tightening Around the Globe: What Have We Learned?’ by Wenxin Du, Kristin Forbes and Matthew Luzzetti
Dallas Fed President Lorie Logan delivered these remarks at the 2024 U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business.
Discussion Paper
The Dueling Intraday Demands on Reserves
A central use of reserves held at Federal Reserve Banks (FRBs) is for the settlement of interbank obligations. These obligations are substantial—the average daily total reserves used on two main settlement systems, Fedwire Funds and Fedwire Securities, exceeds $6.5 trillion. The total amount of reserves needed to efficiently settle these obligations is an active area of debate, especially as the Federal Reserve’s current quantitative tightening (QT) policy seeks to drain reserves from the financial system. To better understand the use of reserves, in this post we examine the intraday ...