72 posts on "Treasury"
August 17, 2015
Has U.S. Treasury Market Liquidity Deteriorated?
The issue of financial market liquidity has received tremendous attention lately. This partly arises from market participants’ concerns that regulatory and structural changes have reduced dealers’ market making abilities, but also from events such as the taper tantrum and the flash rally, in which Treasury prices fluctuated sharply amid seemingly little news. But is there really evidence of a sustained reduction in Treasury market liquidity?
July 20, 2015
Just Released: The U.S. Treasury Market on October 15, 2014
The $12.7 trillion U.S. Treasury market plays a critical role in the global economy, serving as the primary means of financing the U.S. government, a risk-free benchmark for other financial instruments, and a key venue for the Federal Reserve’s implementation of monetary policy.
June 26, 2015
From the Vault: Gauging Treasury Market Liquidity
A review of recent work on Liberty Street Economics examining liquidity in the U.S. Treasury market
February 11, 2015
Available for Sale? Understanding Bank Securities Portfolios
It’s natural to think of banks as intermediaries that take in deposits and use them to make loans to businesses and individuals.
December 19, 2014
Historical Echoes: Santa Claus as Legal Tender
From 1793 until 1861, when the U. S. Treasury Department was given exclusive rights to produce legal tender, thousands of different styles of bank notes were created by U.S. banks.
November 21, 2014
Historical Echoes: Postage Stamps Portray Stories of American Banking History
Prior to 1876, there was fierce competition among engraving firms and private bank note companies for contracts to print U.S. Treasury bank notes.
October 6, 2014
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.
September 29, 2014
Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks
Kenneth D. Garbade From time to time, and most recently in the April 2014 meeting of the Treasury Borrowing Advisory Committee, U.S. Treasury officials have questioned whether the Treasury should have a safety net that would allow it to continue to meet its obligations even in the event of an unforeseen depletion of its cash balances. […]
Posted at 7:00 am in Fed Funds, Financial Institutions, Liquidity, Monetary Policy, Treasury | Permalink | Comments (2)
July 9, 2014
Lifting the Veil on the U.S. Bilateral Repo Market
The repurchase agreement (repo), a contract that closely resembles a collateralized loan, is widely used by financial institutions to lend to each other.
May 9, 2014
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