Speeches and essays
Discussion of 'An Efficient Liquidity Savings Mechanism' by Darrell Duffie, Srisht Fateh Singh and Chaojun Wang
Remarks delivered by Sam Schulhofer-Wohl at The Future of Market Liquidity and Functioning Workshop.
July 09, 2026
Economic Surveys
Banking Conditions Survey
Loan volume and demand grew notably in June. Volume rose across all loan types except for consumer loan volume which was stable.
June 29, 2026
Dallas Fed Economics
Term funding premium: Time is money even absent interest rate risk
Term premium, a central concept in analysis of interest rates and monetary policy, is generally viewed largely as compensation for bearing interest-rate risk. However, Treasury asset swap spreads strongly indicate the existence of a distinct premium—a term funding premium—associated with merely providing term financing. This funding premium shows promise as a real-time indicator of Treasury market stress.
June 25, 2026
Eleventh District Banking Trends
Eleventh District Banking Trends
This quarterly report tracks the financial performance of Eleventh District banks in comparison with national averages, looking at profitability, loans, deposits and other key metrics.
June 09, 2026
Dallas Fed Banking
Understanding discount window usage: Key drivers and early warning signals
In this study we take a closer look at discount window usage since the Fed began releasing public data with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.
June 05, 2026
Dallas Fed Economics
Rising hedge fund leverage affects monetary policy implementation
The structure of the Treasury and repurchase agreement (repo) markets has changed over the past decade in ways that alter how administered rates pass through to market rates.
May 28, 2026
Dallas Fed Economics
U.S. housing: Unaffordable to buy, but wealth-building to own
A home is not only a place to live. It is a long-lived asset whose value reflects the housing service it provides over time and the return buyers require, given interest rates and risk. The ongoing combination of high house price-to-rent ratios and strained affordability suggests housing remains a macroeconomic vulnerability, though financial conditions appear more resilient than before the housing bust and subsequent Global Financial Crisis of 2008.
May 19, 2026
Economic Surveys
Banking Conditions Survey
Loan volume and demand growth continued to accelerate in May. Volume rose across loan types.
May 18, 2026
Working Paper
Term Funding Premium—Time Is Money After All
This paper presents evidence from financial markets arguing for the explicit recognition of a different kind of premium that is associated with terming out funding without bearing interest rate risk.
May 11, 2026
Southwest Economy
Eleventh Federal Reserve District banks maintain growth, profitability heading into 2026
Eleventh District banks, benefitting from steady profits, strong credit conditions and improving bank capital levels, are well positioned to compete in a changing regulatory environment.
May 08, 2026