Ripples in the Reserve Pool: Unveiling Liquidity Signals from the Federal Funds Market

Sriya Anbil, Sebastian Infante and Zeynep Senyuz
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Sriya Anbil: https://www.federalreserve.gov/econres/sriya-l-anbil.htm

No 2026-10-16-2, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: When the Federal Reserve shifted to an ample-reserves framework, many observers started to question the relevance of the fed funds market. With reserves ample or abundant and rates anchored by administered floors, interbank borrowing declined sharply, and the market appeared to serve mainly as an arbitrage venue for non-bank institutions.

Date: 2026-10-16
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:103969

DOI: 10.17016/2380-7172.4181

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