Search Results
Speech
Interest rate control during normalization
Remarks at the SIFMA Conference on Securities Financing Transactions, New York City.
Speech
Concluding remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis
Remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.
Journal Article
A Monetarist View of the Fed’s Balance Sheet Normalization Period
The Federal Reserve currently holds over $4 trillion in fixed-income assets. However, since the fall of 2017 the Fed has been in a ?balance sheet normalization period,? during which the size of its balance sheet is gradually shrinking over time. In particular, the Federal Open Market Committee (FOMC) has been instructing the Federal Reserve trading desk to reduce its security holdings by reinvesting principal payments only to the extent that these payments exceed gradually raising caps. These caps on redemptions will be maintained until the Fed considers that its balance sheet has reached a ...
Speech
The Federal Reserve's experience purchasing and reinvesting agency MBS: remarks at the Bank of England, London
Remarks at the Bank of England, London.
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.
Speech
Money Market Developments: Views from the Desk
Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech
Recent developments in monetary policy implementation
Remarks before the Money Marketeers of New York University, New York City
Journal Article
Considerations for the Longer-Run Maturity Composition of the Federal Reserve’s Treasury Portfolio
The Federal Reserve’s Treasury portfolio is weighted toward long-duration assets, reflecting large-scale asset purchases deployed after the financial crisis and again during the pandemic. In the longer run, policymakers may prefer to return to a shorter-duration Treasury portfolio like the Fed maintained before 2008. However, the exact composition of the portfolio will depend on how policymakers balance competing considerations: policy space, interest rate risk, market neutrality, and safe-asset provision.
Speech
Implementation of open market operations in a time of transition
Remarks before the Japan Center for Economic Research, Tokyo, Japan.
Speech
Market Intelligence and the Monetary Policy Process
Remarks at the Deutsche Bundesbank – Representative Office New York, New York City.