Julie Hill on the History and Recent Developments of Fed Master Accounts
Macro Musings with David Beckworth
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The First Time the Federal Reserve Used the Terms Master Account
In 1998, a bank could have more than one account at the Federal Reserve. That's when they started using the term master account. They were getting on board with branching and inter-state banking. The world is very different today; there are also some less benign reasons things are complicated.
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