Arbeitspapier
The Federal Reserve's market functioning purchases
In March 2020, massive customer selling of U.S. Treasury securities and agency mortgage-backed securities (MBS) triggered by the COVID-19 pandemic overwhelmed dealers' capacity to intermediate trades, contributing to a marked deterioration of market functioning. The Federal Reserve promptly took numerous steps to address the market disruptions, including the initiation of market functioning purchases of Treasury securities and agency MBS. Purchases quickly expanded to over $100 billion per day as the Fed announced plans to buy securities "in the amounts needed" to support market functioning and the effective transmission of monetary policy. Market liquidity improved steadily after mid-March, suggesting that the Fed's efforts were effective, and the security purchases were scaled back accordingly.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 998
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Asset Pricing; Trading Volume; Bond Interest Rates
Financial Crises
- Thema
-
Federal Reserve
asset purchases
Treasury securities
agency mortgage-backed securities
COVID-19
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fleming, Michael J.
Liu, Haoyang
Podjasek, Rich
Schurmeier, Jake
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Fleming, Michael J.
- Liu, Haoyang
- Podjasek, Rich
- Schurmeier, Jake
- Federal Reserve Bank of New York
Entstanden
- 2021
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