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2 posts on "asset valuations"
February 10, 2016

Further Analysis of Corporate Bond Market Liquidity

Tobias Adrian, Michael Fleming, Erik Vogt, and Zachary Wojtowicz

Tobias Adrian, Michael Fleming, Erik Vogt, and Zachary Wojtowicz Our earlier analyses from last October and earlier in this series looked at market liquidity measures averaged across all corporate bonds or broad sub-groups of corporate bonds. Commentators have pointed out that such broad averages might mask important differences among narrower sub-groups of bonds and that […]

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Posted at 7:00 am in Financial Institutions, Financial Markets, Liquidity | Permalink
December 7, 2015

Dealer Positioning and Expected Returns

Tobias Adrian, Michael Fleming, and Erik Vogt

Tobias Adrian, Michael Fleming, and Erik Vogt Securities broker-dealers (dealers) trade securities on behalf of their customers and themselves. Recently, analysts have pointed to the decline in U.S. dealers’ corporate bond inventories as evidence that dealers’ market making capacity is impaired. However, historically such inventories also reflect dealers’ risk management and proprietary trading activities. In […]

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Posted at 7:00 am in Financial Institutions, Financial Markets, Liquidity, Treasury | Permalink | Comments (2)

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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