A collection of reports and commentary by our Analytical Services Division
"Fed "Ops" Geared for Action, but Soft Data Stalls Tightening Expectations" In this month's Municipal Strategy Report, we examine how regulatory changes fomented by the SEC have placed the Fed at the center of the money markets, making them an even more essential component. Commercial paper, short and medium term notes, and other features of the pre-crisis system are waning as the Fed uses new instruments to provide market solutions for the excess liquidity of 2a-7 institutions, banks, and GSE, in addition to primary dealers.
"Fed's 'War Games' Exercise Highlights Risks Imposed by Central Bankers" In this month's Municipal Strategy Report we examine the sharp change in priorities set by the Fed and other central banks. Attention has moved towards macro-prudential policies influencing the financial system as a whole, placing the dual mandate of employment and price stability as by-products of identification and control over financial market risk.