Who’s Borrowing and Lending in the Fed Funds Market Today?

Gara Afonso, Gonzalo Cisternas, Brian Gowen, Jason Miu and Josh Younger
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Gonzalo Cisternas: https://www.newyorkfed.org/research/economists/cisternas

No 20231010, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The Federal Open Market Committee (FOMC) communicates the stance of monetary policy through a target range for the federal funds rate, which is the rate set in the market for uncollateralized short-term lending and borrowing of central bank reserves in the U.S. Since the global financial crisis, the market for federal funds has changed markedly. In this post, we take a closer look at who is currently trading in the federal funds market, as well as the reasons for their participation.

Keywords: fed funds; reserves; Interbank market; monetary policy; Federal Open Market Committee (FOMC) (search for similar items in EconPapers)
JEL-codes: E5 G1 G2 (search for similar items in EconPapers)
Date: 2023-10-10
New Economics Papers: this item is included in nep-ban, nep-cba, nep-ifn and nep-mon
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