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Who’s Borrowing and Lending in the Fed Funds Market Today?

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Abstract

The Federal Open Market Committee (FOMC) communicates the stance of monetary policy through a target range for the federal funds rate, which is the rate set in the market for uncollateralized short-term lending and borrowing of central bank reserves in the U.S. Since the global financial crisis, the market for federal funds has changed markedly. In this post, we take a closer look at who is currently trading in the federal funds market, as well as the reasons for their participation.

Suggested Citation

  • Gara Afonso & Gonzalo Cisternas & Brian Gowen & Jason Miu & Josh Younger, 2023. "Who’s Borrowing and Lending in the Fed Funds Market Today?," Liberty Street Economics 20231010, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:97093
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    File URL: https://libertystreeteconomics.newyorkfed.org/2023/10/whos-borrowing-and-lending-in-the-fed-funds-market-today/
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    Keywords

    fed funds; reserves; Interbank market; monetary policy; Federal Open Market Committee (FOMC);
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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