Lorie Logan on Monetary Policy Operations, the Fed’s New Standing Repo Facility, and the Future of the Fed’s Balance Sheet
Macro Musings with David Beckworth
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How Did the Fed Respond to the Dash for Cash?
The turn point was march twelfth. And it was on that day where we took more aggressive action. First, we offered almost unlimited amounts of funding through the rebos and then later that day, we announced a shift in our purchases of treasury bills to purchase across the treasury cupun curve. Ind just that one day, you can see the different tipe of decisions that we make in the authorities that we have. Now my own sense was that these moves would help stem the disfunction. But by the end of the day, we were already seeing significant one way flows and conditions con oworsein. The combination of these actions, i think were successful at supporting the market during
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