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Speech
Remarks on the Panel “Bank Crisis Framework: Learning from Experience”
Remarks at the Paris Meeting of the Committee on International Monetary Law of the International Law Association (MOCOMILA), Paris, France.
Speech
Remarks at the New York Bankers Association Hudson Valley Regional Meeting
Remarks at the NYBA Hudson Valley Regional Meeting, Kingston, New York.
Discussion Paper
Bond Funds in the Aftermath of SVB’s Collapse
March 2023 will rightfully be remembered as a period of major turmoil for the U.S. banking industry. In this post, we go beyond banks to analyze how fixed-income, open-end funds (bond funds) fared in the days after the start of the banking crisis. We find that bond funds experienced net outflows each day for almost three weeks after the run on Silicon Valley Bank (SVB), and that these outflows were experienced diffusely across the entire segment. Our preliminary evidence suggests that the outflows from bond funds may have been an unintended consequence of the exceptional measures taken to ...
Bank Term Funding Program Provides Liquidity to Depository Institutions
The goals of the newly created BTFP are to bolster depository institutions’ capacity to safeguard deposits and ensure the ongoing provision of credit to communities and the broader economy.