Overview

The Federal Reserve continues to support the U.S. economic recovery by increasing its holdings of Treasury and agency mortgage-backed securities to help foster smooth market functioning and accommodative financial conditions.

As a result of this balance sheet expansion, reserves in the banking system have risen to unprecedented levels and money market rates have softened. In this environment, interest on reserve balances and the overnight reverse repo will maintain control over the federal funds rate and support effective policy implementation.

On Thursday, April 15, starting at 2:00 p.m. ET, Lorie K. Logan, Manager of the System Open Market Account and Executive Vice President in the Markets Group of the New York Fed, will discuss the impact of abundant reserves on money markets and policy implementation with SIFMA president and CEO Kenneth E. Bentsen, Jr.

From 2:45 – 3:45 p.m. ET, a panel will follow to discuss U.S. Treasury market structure and emerging policy proposals. Panelists:

  • Craig Pengitore, Managing Director, Head of US Short End Trading and North America Financing, Bank of America; Chair of the SIFMA Rates and Funding Committee
  • Gerald D. Pucci, Jr., Global Head of Low Touch Fixed Income Trading, Global Head of Repo and CEO of Blackrock Execution Services; Chair of the Federal Reserve’s Treasury Market Practices Group (TMPG)
  • Alex Roever, Managing Director and Head of US Interest Rate Strategy for J.P. Morgan Securities LLC
  • Robert Toomey, Managing Director and Associate General Counsel, Capital Markets, SIFMA (moderator)

Featured Speaker at 2:00 p.m. ET: Lorie K. Logan

Lorie K. Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York, manager of the System Open Market Account (SOMA) for the Federal Open Market Committee (FOMC), and head of Market Operations, Monitoring, and Analysis (MOMA). Ms. Logan’s responsibilities include the execution of monetary policy at the direction of the FOMC, provision of fiscal agent services to the U.S. Treasury Department in support of debt issuance and foreign exchange operations, analysis of global financial market developments, and production of reference rates, including the Secured Overnight Financing Rate (SOFR). Read full bio.

SIFMA Webinar Series

The Federal Reserve’s Outlook: Markets and Policy Implementation

Exploring the Impact of Asset Purchases on Money Markets

Overview

The Federal Reserve continues to support the U.S. economic recovery by increasing its holdings of Treasury and agency mortgage-backed securities to help foster smooth market functioning and accommodative financial conditions.

As a result of this balance sheet expansion, reserves in the banking system have risen to unprecedented levels and money market rates have softened. In this environment, interest on reserve balances and the overnight reverse repo will maintain control over the federal funds rate and support effective policy implementation.

On Thursday, April 15, starting at 2:00 p.m. ET, Lorie K. Logan, Manager of the System Open Market Account and Executive Vice President in the Markets Group of the New York Fed, will discuss the impact of abundant reserves on money markets and policy implementation with SIFMA president and CEO Kenneth E. Bentsen, Jr.

From 2:45 – 3:45 p.m. ET, a panel will follow to discuss U.S. Treasury market structure and emerging policy proposals. Panelists:

  • Craig Pengitore, Managing Director, Head of US Short End Trading and North America Financing, Bank of America; Chair of the SIFMA Rates and Funding Committee
  • Gerald D. Pucci, Jr., Global Head of Low Touch Fixed Income Trading, Global Head of Repo and CEO of Blackrock Execution Services; Chair of the Federal Reserve’s Treasury Market Practices Group (TMPG)
  • Alex Roever, Managing Director and Head of US Interest Rate Strategy for J.P. Morgan Securities LLC
  • Robert Toomey, Managing Director and Associate General Counsel, Capital Markets, SIFMA (moderator)

Featured Speaker at 2:00 p.m. ET: Lorie K. Logan

Lorie K. Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York, manager of the System Open Market Account (SOMA) for the Federal Open Market Committee (FOMC), and head of Market Operations, Monitoring, and Analysis (MOMA). Ms. Logan’s responsibilities include the execution of monetary policy at the direction of the FOMC, provision of fiscal agent services to the U.S. Treasury Department in support of debt issuance and foreign exchange operations, analysis of global financial market developments, and production of reference rates, including the Secured Overnight Financing Rate (SOFR). Read full bio.

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