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The early years of the primary dealer system
This paper presents a history of the primary dealer system from the late 1930s to the early 1950s. The paper focuses on two formal programs: the ?recognized? dealer program adopted by the Federal Reserve Bank of New York in 1939 and the ?qualified? dealer program adopted by the Federal Open Market Committee (FOMC) in 1944 and abandoned in 1953. Following his selection as Manager of the System Open Market Account (SOMA) in 1939, Robert Rouse formalized the New York Fed?s system of ?recognized? dealer counterparties. Although the Bank typically dealt with recognized dealers, it also did ...
Implementation of open market operations in a time of transition
Remarks before the Japan Center for Economic Research, Tokyo, Japan.
Recent developments in monetary policy implementation
Remarks before the Money Marketeers of New York University, New York City
A Monetarist View of the Fed’s Balance Sheet Normalization Period
The Federal Reserve currently holds over $4 trillion in fixed-income assets. However, since the fall of 2017 the Fed has been in a ?balance sheet normalization period,? during which the size of its balance sheet is gradually shrinking over time. In particular, the Federal Open Market Committee (FOMC) has been instructing the Federal Reserve trading desk to reduce its security holdings by reinvesting principal payments only to the extent that these payments exceed gradually raising caps. These caps on redemptions will be maintained until the Fed considers that its balance sheet has reached a ...
Interest rate control during normalization
Remarks at the SIFMA Conference on Securities Financing Transactions, New York City.
Concluding remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis
Remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.
Money Market Developments: Views from the Desk
Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
The Federal Reserve's experience purchasing and reinvesting agency MBS: remarks at the Bank of England, London
Remarks at the Bank of England, London.