5) FED OPERATIONS
> Goals of the Fed
> Tools of the Fed
> Channeling Policy into the Real Economy
Case Studies:
> Higher for Longer
> Reverse Wealth Effect
> Taper Tantrum
> Corporate Credit Facility
> Quantitative Easing (QE)
> Quantitative Tightening (QT)
> Yield Curve Control (YCC)
> Treasury Buybacks
> Treasury Auctions
> Auction Process walkthrough
> Auction Results
> Fed Securities Lending Program
Fed Balance Sheet - Liabilities:
> Liabilities
> Currency
> Central Bank Reserves
> Treasury General Account
Fed Balance Sheet - Assets:
> Assets
> US Treasuries
> Agency MBS
> MBS Market & size
> MBS production; supply & demand
> MBS market structure & TBA
> Prepayment risk & negative convexity
> Mortgage REITs (Real Estate Investment Trusts)
Basel III Balance Sheet Constraints
> Asset Constraints
> Size Constraints
> Liquidity Constraints
> Example: Quarter-End RRP Window Dressing
> Example: Year-End Throttle in Dollar Swap Lending
Balance Sheet Case Studies
> Post-GFC QE (QE since 2008)
> 2020 FX swaps and swap lines
> TGA & RRP
> Quantitative Tightening
Post #150
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DT Primers 4) INTEREST RATES Introduction to Interest Rates: > Short-term Interest Rates > Longer-term Interest Rates > Yield Curve > Inverted Yield Curve > Types of Interest Rates (EFFR, IOR, RRP, Discount rate) > SOFR vs. LIBOR Repo Market Rates: > Private repo…