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Matthew Mccormick

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Articles

Rising hedge fund leverage affects monetary policy implementation

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By Matthew Mccormick, R. Jay Kahn
| dallasfed.org
In Depth Monetary policy implementation seeks to bring money market rates in line with the Federal Open Market Committee’s (FOMC’s) target range. While administered rates help to anchor money markets, market rates still depend on who borrows, who lends and how easily funds can flow between them. In this article, we show that 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.
Open in Who Shared View Duplicates (2) Issue with article?

What drives mortgage rates and their response to monetary policy changes

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By Matthew Mccormick, Srini Ramaswamy
| dallasfed.org
HomeEconomyDallas Fed Economics In Depth The overnight federal funds rate is the primary tool of U.S. monetary policy. Other tools, such as large-scale asset purchases or forward guidance, come into play only when necessary. However, the impact of monetary policy actions on the real economy is transmitted through a broader array of interest rates more representative of actual end-user borrowing costs. Of these, the 30-year mortgage rate receives much attention.
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Domestic banks are inelastic providers of marginal funding to repo markets

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By Rosie Levy, Matthew Mccormick
| dallasfed.org
In Depth While many types of entities are active in U.S. repo markets, the marginal supplier of liquidity to repo markets to meet unmet demand for leveraged financing differs based on how plentiful liquidity is overall and, by extension, rates of return for lenders. The time of day that lenders know how much excess liquidity they have on-hand varies by institution type, which makes some more able to elastically meet demand than others.
Open in Who Shared View Duplicates (2) Issue with article?
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