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Journal Article
Understanding the New York Fed's Survey of Primary Dealers
The New York Fed?s Survey of Primary Dealers plays a key role in the Federal Reserve?s understanding of market expectations for monetary policy and the economy, providing timely and comprehensive dealer insight into a range of topics. In recent years, the survey has evolved to reflect the changing macroeconomic environment brought about by the financial crisis and by the Fed?s move into new policy tools aimed at adjusting the size and composition of its balance sheet and giving more explicit forward guidance on the path of short-term interest rates. This study offers an in-depth look at the ...
Report
All-to-All Trading in the U.S. Treasury Market
While the U.S. Treasury market remains the deepest and most liquid securities market in the world, several episodes of abrupt deterioration in market functioning over recent years have brought the market’s resilience into focus. The adoption of all-to-all trading in the Treasury market could be one avenue to strengthen market resilience. Conceptually, all-to-all trading would allow any market participant to trade directly with any other market participant. This could be particularly helpful in times of stress, when the capacity of traditional intermediaries may be tested. In this paper, we ...