Monetary policy implementation and the consolidated government balance sheet
This essay examines the trade-offs between different monetary policy implementation methods through the lens of the consolidated government balance sheet and income statement
April 15, 2025
Surveys
Banking Conditions Survey
Loan volume and demand growth decelerated sharply in March. Credit tightening continued, but loan pricing declined.
April 07, 2025
Oil and gas industry shows discipline on capex, but risks remain
Oil and gas companies will likely maintain a conservative stance toward production growth, with continued focus on capital discipline and maintenance capex.
March 31, 2025
Research Department Working Papers
Last Resort Insurance: Wildfires and the Regulation of a Crashing Market
An increasing number of people are denied home insurance coverage in the private market and must instead turn to state-sponsored plans known as “Insurers of Last Resort.” This paper examines how insurers of last resort interact with the private market under increasing disaster risks.
March 26, 2025
Decline in bank stress likely to continue as interest rates normalize
While the key measures suggest that conditions that hamper a bank’s resilience to economic adversity are marginally higher than before the pandemic in 2019, we expect further declines in bank stress levels as interest rates normalize.
March 04, 2025
Speech by President Lorie K. Logan
Efficient and effective central bank balance sheets
At a Bank of England conference on central bank balance sheets, President Lorie Logan laid out two key principles: efficient and effective. It’s heartening that central banks around the world have converged on some approaches to uphold these twin principles.
February 25, 2025
Proportionate margining for repo transactions
Traders in the repurchase agreement (repo) market protect themselves from the default of their counterparties through margin collected via haircuts on repo transactions. Recent research showing that haircuts on many Treasury repo transactions are low or zero has raised concerns that margining practices in this market are insufficiently strict.
February 21, 2025
Surveys
Banking Conditions Survey
Loan volume continued increasing at a rapid pace in February while loan demand accelerated further. Credit tightening continued, but loan pricing declined.
February 18, 2025
Research Department Working Papers
Financial Technology and the 1990s Housing Boom
This paper shows that locations exposed to initial adopters of Freddie Mac’s Loan Prospector system experienced an early housing boom due to a switch to statistically-informed underwriting rules.
January 17, 2025
Surveys
Banking Conditions Survey
Loan volume accelerated sharply in December. Credit tightening continued, but loan pricing declined, both at the same pace as six weeks ago.
December 30, 2024