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Ritt Keerati

As seen in: National Bureau of Economic Research
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Articles

Decoupling Dollar and Treasury Privilege

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By Wenxin Du, Ritt Keerati, Jesse Schreger
| National Bureau of Economic Research
This paper is prepared for the IMF Annual Research Meeting on November 6-7, 2025. We thank Hudson Hinshaw for outstanding research assistance. The opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the Board of Governors of the Federal Reserve System or of any other person associated with the Federal Reserve System. All results have been reviewed to ensure that no confidential information is disclosed. All remaining errors are our own.
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Decoupling Dollar and Treasury Privilege

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By Wenxin Du, Jesse Schreger, Ritt Keerati
| federalreserve.gov
December 2025 Wenxin Du, Ritt Keerati, and Jesse Schreger Abstract: We document a strong decoupling between the convenience yield on the US Dollar and US Treasuries. We measure the convenience of the U.S. dollar using covered interest parity (CIP) deviations between risk-free bank rates, such as secured overnight rates since the benchmark reform. In parallel, we measure the convenience of U.S. Treasury bonds through CIP deviations between government bond yields.
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