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Federal Reserve Agency CMBS Purchases
On March 23, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York initiated plans to purchase agency commercial mortgage-backed securities (agency CMBS) at the direction of the FOMC in order to support smooth market functioning of the markets for these securities. This post describes the deterioration in market conditions that led to agency CMBS purchases, how the Desk conducts these operations, and how market functioning has improved since the start of the purchase operations.
The Agency of Humanness
Virtual Commencement Address to University of Missouri-Kansas City, Kansas City, Missouri, "A Pocket Speech", by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, May 15 and 16, 2021