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Dealers’ Treasury Market Intermediation and the Supplementary Leverage Ratio 交易商的国债市场中介与补充杠杆率
FEDS Notes Pub Date : 2023-08-01 DOI: 10.17016/2380-7172.3341
P. Cochran, Sebastian Infante, Lubomir Petrasek, Zack Saravay, Mary H. Tian
{"title":"Dealers’ Treasury Market Intermediation and the Supplementary Leverage Ratio","authors":"P. Cochran, Sebastian Infante, Lubomir Petrasek, Zack Saravay, Mary H. Tian","doi":"10.17016/2380-7172.3341","DOIUrl":"https://doi.org/10.17016/2380-7172.3341","url":null,"abstract":"Treasury market intermediation by dealers, including Treasury securities market making and financing, requires regulatory capital. In particular, the six largest U.S. Treasury securities dealers are subsidiaries of large U.S. bank holding companies (BHCs), which are required to maintain a supplementary leverage ratio (SLR) of at least 5 percent at the BHC level.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125920791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Recent Developments in Hedge Funds’ Treasury Futures and Repo Positions: is the Basis Trade “Back"? 对冲基金美国国债期货和回购头寸的最新发展:基差交易“回归”了吗?
FEDS Notes Pub Date : 2023-08-01 DOI: 10.17016/2380-7172.3355
Daniel Barth, R. Kahn, Robert Mann
{"title":"Recent Developments in Hedge Funds’ Treasury Futures and Repo Positions: is the Basis Trade “Back\"?","authors":"Daniel Barth, R. Kahn, Robert Mann","doi":"10.17016/2380-7172.3355","DOIUrl":"https://doi.org/10.17016/2380-7172.3355","url":null,"abstract":"In short, the answer is \"probably\", at least to some degree. This note summarizes recent developments in hedge funds' Treasury futures and repo positions derived from the Commodities Futures and Trading Commission's (CFTC's) Traders in Financial Futures data and the Office of Financial Research's (\"OFR\") Cleared Repo Collection.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"212 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115773305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FinTech-Issued Personal Loans in the U.S. 美国金融科技发行的个人贷款
FEDS Notes Pub Date : 2023-08-01 DOI: 10.17016/2380-7172.3362
Jessica N. Flagg, Simona M. Hannon
{"title":"FinTech-Issued Personal Loans in the U.S.","authors":"Jessica N. Flagg, Simona M. Hannon","doi":"10.17016/2380-7172.3362","DOIUrl":"https://doi.org/10.17016/2380-7172.3362","url":null,"abstract":"The financial technology advances of the past decade brought to prominence a new group of lenders active within the personal loan space—financial technology (FinTech) lenders. Although traditional lenders such as banks, thrifts, credit unions, and finance companies continue to play an important role in providing personal loans to consumers, FinTech lenders gained a notable market share.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116014608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Flows to the United States in 2022: Was There Fragmentation? 2022年资金流向美国:是否存在碎片化?
FEDS Notes Pub Date : 2023-08-01 DOI: 10.17016/2380-7172.3322
Colin R. Weiss
{"title":"Financial Flows to the United States in 2022: Was There Fragmentation?","authors":"Colin R. Weiss","doi":"10.17016/2380-7172.3322","DOIUrl":"https://doi.org/10.17016/2380-7172.3322","url":null,"abstract":"Events of the last five years, such as the U.S.-China trade war, the COVID-19 pandemic, and—most recently—Russia’s invasion of Ukraine, have raised concerns in the popular press and among policymakers that the international economic and financial system is at risk of becoming significantly fragmented (Aiyar et al., 2023; Ip, 2023; Shin, 2023). Most recently, attention has shifted to the possibility of fragmentation along geopolitical lines, where countries primarily trade with and invest in other countries with which they share close diplomatic and political ties (International Monetary Fund, 2023a,b).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121538523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What determines passthrough of policy rates to deposit rates in the euro area? 在欧元区，是什么决定了政策利率对存款利率的传导?
FEDS Notes Pub Date : 2023-07-01 DOI: 10.17016/2380-7172.3297
Todd Messer, Friederike Niepmann
{"title":"What determines passthrough of policy rates to deposit rates in the euro area?","authors":"Todd Messer, Friederike Niepmann","doi":"10.17016/2380-7172.3297","DOIUrl":"https://doi.org/10.17016/2380-7172.3297","url":null,"abstract":"Interest rates on bank deposits are sticky and move only sluggishly following changes in central bank policy rates. As deposits are typically the largest share of bank liabilities, deposit rate stickiness plays a key role for bank funding costs and profitability.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133953934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Persistent Urban Shortfall in Leisure and Hospitality Employment 城市休闲和酒店业就业持续不足
FEDS Notes Pub Date : 2023-07-01 DOI: 10.17016/2380-7172.3358
Brendan J. Chapuis, Seth T. Murray, Brendan M. Price
{"title":"The Persistent Urban Shortfall in Leisure and Hospitality Employment","authors":"Brendan J. Chapuis, Seth T. Murray, Brendan M. Price","doi":"10.17016/2380-7172.3358","DOIUrl":"https://doi.org/10.17016/2380-7172.3358","url":null,"abstract":"As a high-contact service sector with limited capacity for remote work, the US leisure and hospitality sector—which includes restaurants, bars, hotels, museums, and movie theaters—was hit particularly hard by the COVID-19 pandemic. In the first two months of the pandemic, leisure and hospitality lost over 8 million jobs, nearly half its employment (Figure 1, solid red line).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134441947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A (Bayesian) Update on Inflation and Inflation Persistence 关于通货膨胀和通货膨胀持续性的贝叶斯理论
FEDS Notes Pub Date : 2023-07-01 DOI: 10.17016/2380-7172.3349
Michael T. Kiley
{"title":"A (Bayesian) Update on Inflation and Inflation Persistence","authors":"Michael T. Kiley","doi":"10.17016/2380-7172.3349","DOIUrl":"https://doi.org/10.17016/2380-7172.3349","url":null,"abstract":"Inflation in 2021 reached the highest level seen since the early 1980s. High inflation has raised questions regarding the speed with which inflation may return to the 2-percent range consistent with the Federal Reserve's inflation objective.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114866894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Empirical assessment of SR/CA small-dollar lending letter impact SR/CA小额贷款信影响的实证评估
FEDS Notes Pub Date : 2023-07-01 DOI: 10.17016/2380-7172.3329
D. Gorin, Sarah Gosky, Michael Suher
{"title":"Empirical assessment of SR/CA small-dollar lending letter impact","authors":"D. Gorin, Sarah Gosky, Michael Suher","doi":"10.17016/2380-7172.3329","DOIUrl":"https://doi.org/10.17016/2380-7172.3329","url":null,"abstract":"Guidance is used by bank regulators to communicate supervisory expectations to both examiners and banks. In March 2020, in response to pandemic shut-downs, financial regulators issued a joint statement encouraging small-dollar lending to meet temporary cash-flow imbalances, unexpected expenses, or income short-falls.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115683129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
"The International Role of the U.S. Dollar" Post-COVID Edition “美元的国际角色”后covid版
FEDS Notes Pub Date : 2023-06-01 DOI: 10.17016/2380-7172.3334
Carol Bertaut, Bastian von Beschwitz, Stephanie Curcuru
{"title":"\"The International Role of the U.S. Dollar\" Post-COVID Edition","authors":"Carol Bertaut, Bastian von Beschwitz, Stephanie Curcuru","doi":"10.17016/2380-7172.3334","DOIUrl":"https://doi.org/10.17016/2380-7172.3334","url":null,"abstract":"For most of the last century, the preeminent role of the U.S. dollar in the global economy has been supported by the size and strength of the U.S. economy, its stability and openness to trade and capital flows, and strong property rights and the rule of law. As a result, the depth and liquidity of U.S. financial markets is unmatched, and there is a large supply of extremely safe dollar-denominated assets.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135220138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Distressed Firms and the Large Effects of Monetary Policy Tightenings 陷入困境的企业和货币政策紧缩的巨大影响
FEDS Notes Pub Date : 2023-06-01 DOI: 10.17016/2380-7172.3279
Ander Pérez-Orive, Yannick Timmer
{"title":"Distressed Firms and the Large Effects of Monetary Policy Tightenings","authors":"Ander Pérez-Orive, Yannick Timmer","doi":"10.17016/2380-7172.3279","DOIUrl":"https://doi.org/10.17016/2380-7172.3279","url":null,"abstract":"The stance of U.S. monetary policy has tightened significantly starting in March 2022. At the same time, the share of firms in financial distress has reached a level that is higher than during most previous tightening episodes since the 1970s.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114548513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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