![]() Yet we believe the Fed could improve the effectiveness and efficiency of the SRF – and market liquidity and functioning generally – by broadening the types of investors that can access the facility. Like other industry participants, Footnote2 we believe establishing the SRF is not only an important step to mitigate the type of dysfunction experienced in March 2020, but also to increase Treasury market resilience. In July 2021, the Federal Reserve created a permanent standing repo facility (SRF), Footnote1 which allows primary dealers and certain depository banks to borrow against Treasuries and agency mortgage-backed securities (MBS) when liquidity conditions are stressed.
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