Randal Quarles on Inflation, Balance Sheet Reduction, Financial Stability, and the Future of the Fed
Macro Musings with David Beckworth
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Shadow Banking in the Global Dollar Funding Market
All those liquidity facilities, all they're really doing is further intrenching shadow banking in the global dollar funding market. The changes to liquidity regulation of prime money market funds, for example, was actually counter productive in the covet event. So there was a lot of work, in my view, that should be done in creating the right regulatory framework around the resiliency of the non bank sector. That is not, however, a cloaning of the bank requirements. Because the banking system is a different system.
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