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Commentary by Steven Lofchie

Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell discussed volatility in the Treasury markets and emerging considerations that would provide greater or more stable liquidity. At the 2015 Roundtable on Treasury Markets and Debt Management, Mr. Powell addressed the October 15, 2014 episode of "sudden, outsized volatility" in the Treasury markets. He pointed out that further episodes could cause more market participants to react in ways that reduce liquidity, and add to pressures for changes in market structure. Mr. Powell explained that his preference would be

The Board of Governors of the Federal Reserve System (FRB) approval of a final rule specifying its procedures for emergency lending under Federal Reserve Act Section 13(3) (Discounts for Individuals, Partnerships and Corporations). The FRB action was published in the Federal Register. The final rule is effective on January 1, 2016.