Nationalizing the Federal Funds Market
New York | Last week's volatility in the market for fed funds gave a lot of equity managers an opportunity to brush up on their understanding of the workings of the short-term money markets. The Fed of New York was forced to offer cash to the Street in the form of forward repurchase agreements all week. These activities are likely to continue. Nathan Tankus posted a good discussion of the mechanics of adjusting bank reserves on Twitter last week. He particularly highlights
