Briefing
A Small Contribution to Measuring the Lags in Monetary Policy Transmission
Wolman, Alexander L. (2023-09)
From May 2022 to July 2023, holdings of small CDs have risen from virtually nothing to more than $900 billion. While this is a dramatic increase, it has come on the heels of a sharp increase in interest rates, and the increase in CDs did not begin until well after interest rates started rising. In this article, I provide some historical perspective for the recent increase in CDs and retail money market mutual fund (MMMF) balances. What is the typical lag between market interest rate increases and increases in CD and MMMF balances? Is the recent increase unusually large, or does history ...
Richmond Fed Economic Brief , Volume 23 , Issue 30

Journal Article
Where Do You Keep Your Liquid Wealth—Bank Deposits or T-bills?
Kozlowski, Julian; Jordan-Wood, Samuel (2022-12-16)
The beginning of 2022 saw bank deposits, such as CDs, paying similar interest rates to Treasury bills, but they now pay almost 4% less.
Economic Synopses , Issue 33 , Pages 1-2