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Selected Deposits and the OBFR

Scott Sherman, Timothy Wessel, Marco Cipriani, Romen Mookerjee, Alyssa Cambron, Joshua Jones and Brett Solimine
Additional contact information
Scott Sherman: Markets Group
Timothy Wessel: Markets Group
Marco Cipriani: New York University
Romen Mookerjee: Markets Group
Alyssa Cambron: Markets Group
Joshua Jones: Markets Group
Brett Solimine: Markets Group

No 20190506, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The Federal Reserve Bank of New York recently decided to revise the composition of the Overnight Bank Funding Rate (OBFR), a reference rate measuring the cost banks face to borrow overnight in unsecured U.S. dollar-denominated money markets. Specifically, in addition to the federal funds and Eurodollar transactions currently comprising the OBFR, the OBFR now also includes overnight, interest-bearing demand deposits (at rates negotiated between the counterparties and excluding deposits payable on demand) booked within banks? U.S. offices, known as ?selected deposits.? In this post, we discuss the change in more detail, the reason for including selected deposits, and the likely impact on the OBFR?s published values.

Keywords: OBFR; Selected Deposits (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2019-05-06
New Economics Papers: this item is included in nep-mac and nep-mon
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