Global Asset Prices and the Taper Tantrum Revisited
Global asset market developments during the summer of 2013 have been attributed to changes in the outlook for U.S. monetary policy, starting with former Chairman Bernanke’s May 22 comments concerning future curtailing of the Federal Reserve’s asset purchase programs.
Survey Measures of Expectations for the Policy Rate
Market prices provide timely information on policy expectations.
Bitcoin: How Likely Is a 51 Percent Attack?
Rod Garratt and Rosa Hayes In June 2014, the mining pool Ghash.IO briefly controlled more than half of all mining power in the Bitcoin network, awakening fears that it might attempt to manipulate the blockchain, the public record of all Bitcoin transactions. Alarming headlines splattered the blogosphere. But should members of the Bitcoin community be […]
Don’t Be Late! The Importance of Timely Settlement of Tri‑Party Repo Contracts
Tri-party repo is popular among securities dealers as a way to raise short-term funding.
What Can We Learn from Prior Periods of Low Volatility?
Volatility, a measure of how much financial markets are fluctuating, has been near its record low in many asset classes.
Cross‑Country Evidence on Transmission of Liquidity Risk through Global Banks
Over the past thirty years, the typical large bank has become a global entity with subsidiaries in many countries.
What Explains the June Spike in Treasury Settlement Fails?
In June of this year—as we noted in the preceding post—settlement fails in U.S. Treasury securities spiked to their highest level since the implementation of the fails charge in May 2009.
Measuring Settlement Fails
n June 2014, settlement fails of U.S. Treasury securities reached their highest level since the implementation of the Treasury fails charge in May 2009, attracting significant attention from market participants.
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
The Federal Reserve Banks of Boston and New York recently cosponsored a workshop on the risks of wholesale funding.