Discussion Paper
Bankers’ Banks and their Role in the Federal Funds Market
Anbil, Sriya; Anderson, Alyssa G.; Eyal, Benjamin (2026-01-30)
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.
FEDS Notes , Paper 2026-01-30-1