Journal Article
The Effects of the Federal Reserve Chair’s Testimony on Treasury Interest Rates
Gordon, Matthew V.; Lunsford, Kurt Graden (2024-01-16)
Communication by the Federal Reserve is important for the conduct of monetary policy. We study how one form of Federal Reserve communication, the congressional testimony by the Chair of the Board of Governors (the Fed Chair), affects interest rates on 2-year and 10-year Treasury Notes. We study three types of Fed Chair testimony: the first day of Monetary Policy Report testimony, the second day of Monetary Policy Report testimony, and testimonies not associated with the Monetary Policy Report but that still relate to monetary policy. We find that the average size of interest rate changes is ...
Economic Commentary , Volume 2024 , Issue 01 , Pages 7

Journal Article
Safe-Haven Performance in the Age of Bitcoin
Minhas, Sabrina; Rodziewicz, David; Ruiz, Rebecca; Maniff, Jesse Leigh (2020-04-15)
In past periods of financial stress, investors seeking “safe havens” have shifted toward government bonds and gold. In recent years, some have questioned whether Bitcoin could also serve as a safe haven. We compare the behavior of government bonds, gold, and Bitcoin from January 1995 through February 2020 and find that the 10-year Treasury note behaved like a safe haven consistently, gold occasionally, and Bitcoin never. During March 2020, however, none of the assets can be classified with confidence as a safe haven.
Economic Bulletin , Issue April 15, 2020 , Pages 4