What if the New York Pit Hadn't Stepped In?

Lorie Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York. In that role, she’s the manager of the System Open Market Account (SOMA), for the Federal Open Market Committee (FOMC), and she is also the head of the market operations, monitoring, and analysis. Lorie joins Macro Musings to talk about the operations side of monetary policy and her work at the New York Fed. Specifically, David and Lorie discuss the “dash for cash” during the March 2020 Treasury market crisis, the Fed’s new standing repo facility, the future of the central bank’s balance sheet, and more.

Transcript for the episode can be found here.

Lorie’s New York Fed profile: https://www.newyorkfed.org/aboutthefed/orgchart/logan

Lorie’s Fed in Print archive: https://fedinprint.org/search?facets[]=authors_literal_array:Logan%2C+Lorie

Related Links:

*Monetary Policy Implementation: Adapting to a New Environment* by Lorie Logan

https://www.newyorkfed.org/newsevents/speeches/2021/log211014

*Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic* by Lorie Logan

https://www.newyorkfed.org/newsevents/speeches/2021/log210811

*Recent Disruptions and Potential Reforms in the U.S. Treasury Market: A Staff Progress Report* by the Inter-Agency Working Group

https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf

*U.S. Treasury Markets: Steps Toward Increased Resilience* by the G30 Working Group on Treasury Market Liquidity

https://group30.org/publications/detail/4950

*Report of the Task Force on Financial Stability* by Glenn Hubbard et al.

https://www.brookings.edu/research/report-of-the-task-force-on-financial-stability/

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/