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Working Paper
The Federal Reserve's Portfolio and its Effect on Interest Rates
We explore the historical composition of the Federal Reserve's Treasury portfolio and its effect on Treasury yields. Using data from 1985 to 2016, we show that the divergence of the composition of the Federal Reserve's portfolio from overall Treasury securities outstanding is associated with a statistically significant effect on interest rates. In aggregate, when the Federal Reserve's portfolio has shorter maturity than overall Treasury debt outstanding, measures of the term premium are higher at all horizons; likewise, when the Federal Reserve's portfolio has longer maturity, term premiums ...
Speech
Reserve Management and the Fed’s System Open Market Account: Recent Experience and Insights from Surveys
Remarks at the Federal Reserve Bank of Atlanta 2026 Financial Markets Conference, Fernandina Beach, Florida.
Speech
Reflections on the Early Days of Reserve Management Purchases and the Maintenance of Ample Reserves
Remarks before the Money Marketeers of New York University, New York City.
Speech
Observations on implementing monetary policy in an ample-reserves regime: remarks before the Money Marketeers of New York University, New York City
Remarks before the Money Marketeers of New York University, New York City.
Speech
Current Issues in Monetary Policy Implementation
Remarks before the Money Marketeers of New York University, New York City.
Speech
Balance Sheet Basics, Progress, and Future State
Remarks at Fixed Income Analysts Society, Inc. Women in Fixed Income Conference, Federal Reserve Bank of New York, New York City.