Discussion Paper

Bankers’ Banks and their Role in the Federal Funds Market


Abstract: The Global Financial Crisis (GFC) and the Federal Reserve's (Fed) large-scale asset purchases fundamentally reshaped the U.S. monetary policy implementation framework. Before 2008, the Fed operated under a scarce-reserves regime, steering the federal funds rate through daily open market operations.

https://doi.org/10.17016/2380-7172.3969

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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2026-01-30

Number: 2026-01-30-1