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From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market

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Abstract

How do changes in the interest rate that the Federal Reserve pays on reserves affect interest rates in money markets in which the Fed does not participate? And through which channels do changes in the so-called administered rates influence rates in onshore and offshore U.S. dollar money markets? This post offers an interactive map illustrating the web of relationships between the Fed, key market players, and the various instruments in the U.S. dollar funding market.

Suggested Citation

  • Gara Afonso & Fabiola Ravazzolo & Alessandro Zori, 2019. "From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market," Liberty Street Economics 20190708, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87342
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    File URL: https://libertystreeteconomics.newyorkfed.org/2019/07/from-policy-rates-to-market-ratesuntangling-the-us-dollar-funding-market.html
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    Cited by:

    1. Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary policy implementation with an ample supply of reserves," Working Paper Series WP-2020-02, Federal Reserve Bank of Chicago.

    More about this item

    Keywords

    pass-through entities; US dollar funding market; monetary policy;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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