Yesha Yadav on the Galactic Risks of the US Treasury Markets
Macro Hive Conversations With Bilal Hafeez
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Is the Fed the Market Maker of Last Resort?
I mean, it seems like the Fed always steps up as the liquidity provider, lender, market maker of last resort. We know there's a final backstop, the Fed, but I suppose the issue is that the most optimal way of organizing a market. And if we do come to the fore by saying that ultimately, let's just look to the Fed to step up and provide liquidity when no one else does? That's an institutional question, a political question, a policy question that we all must engage with.
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