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Speech
Impact of Abundant Reserves on Money Markets and Policy Implementation
Remarks at the SIFMA Webinar (delivered via videoconference).
Speech
Monetary Policy Implementation: Adapting to a New Environment
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Discussion Paper
Helping State and Local Governments Stay Liquid
On April 9, the Federal Reserve announced up to $2.3 trillion in new support for the economy in response to the coronavirus pandemic. Among the initiatives is the Municipal Liquidity Facility (MLF), intended to support state and local governments. The details of the facility are described in the term sheet. The state and local sector is a unique but very important part of the economy. This post lays out some of the economics of the sector and the needs that the facility intends to satisfy.