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Speech
Balance Sheet Basics, Progress, and Future State
Remarks at Fixed Income Analysts Society, Inc. Women in Fixed Income Conference, Federal Reserve Bank of New York, New York City.
Speech
The Economic Outlook and Some Longer-Run Issues 05-18-2017 Economic Club of Minnesota, Minneapolis, MN
Today, I will discuss my current outlook for the economy and my views on monetary policy. I will also talk about some longer-run issues facing the economy. Of course, these are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee. The economic expansion will celebrate its eighth birthday next month ? that?s 56 in dog years ? which is long by historical standards. Of course, expansions don?t die from old age and there is no reason to think that this one cannot continue. In fact, one of my focuses as a monetary policymaker is ...
Discussion Paper
Stressed Outflows and the Supply of Central Bank Reserves
Since the financial crisis, banking regulators around the world have been intensely aware of liquidity risk and, in part as a response, have introduced the Basel III liquidity regulation. Today, the world's largest banks hold substantial liquidity buffers comprising both securities and central bank reserves, to satisfy internal liquidity stress tests and minimum quantitative regulatory requirements. The appropriate level of liquidity buffers depends on the likely outflows in a market stress situation. In this post, we use public data to provide a rough estimate of stressed outflows that the ...
Journal Article
The Mechanics of Fed Balance Sheet Normalization
As the Fed continues to normalize its balance sheet, lessons from past tightening episodes and projections of possible futures may help achieve the optimal amount of reserves in the banking system and avoid undo financial stress.