The ratchet effect in reserves ensures that even after significant declines, reserve levels remain higher than their starting ...

More specifically, this piece should be titled, "Diminishing Effects of Global Quantitative Easing in a Long-Only Portfolio," but that seemed a little long. Have we returned to an era where bad ...

This article presents empirical evidence of a supply-induced transmission channel to long-term interest rates caused by a halt to government debt issuance. This is conceptually equivalent to a central ...

In the wake of continued weakness in the Japanese economy and recent market turbulence due to the terrorist attacks in the U.S., the Bank of Japan (BOJ) recently increased the intensity of its ...

NEW YORK, March 1 (Reuters) - The move by major central banks to reduce their asset holdings, begun in 2022 as part of their inflation fight, has had only a modest impact on interest rates and ...

Kevin Warsh is right to point out the influence of the Federal Reserve’s balance sheet on inflation (“Interest Rates Are a Sideshow in the Fed Drama,” op-ed, July 29). Until the global financial ...

Over the last 15 years, both the size and duration profile of the Fed’s balance sheet have expanded meaningfully. The composition of the asset side of the Fed’s balance sheet offsets some of the ...

Following the 2008 financial crisis, central banks in advanced economies implemented a series of large-scale asset purchase programs, often referred to as quantitative easing pro­grams, with the ...

As the Federal Reserve “normalizes” its balance sheet, the Treasury Department must sell sufficient debt in public auctions to cover both the excess of current spending over revenue and the value of ...

The Federal Reserve has conducted significant interventions in the repo market, but the consequences of these interventions for market outcomes are unclear. I investigate the response of institutional ...

Nov 30 (Reuters) - The head of the Bank of Japan said on Monday it will act decisively in the event of renewed financial market turmoil, his strongest hint yet at fresh support for the economy that ...