Interest on Fed reserves is the wrong market policy to criticize
Christopher Whalen | American Banker – BankThink Interest on Fed reserves is the wrong market policy to criticize Christopher Whalen Chairman Whalen Global Advisors LLC. The expansion of the Federal Reserve’s portfolio of Treasury debt and mortgage-backed securities has a bigger impact on the credit markets than paying banks interest on excess reserves.
Club for Growth founder and ex-Trump campaign adviser Stephen Moore says his harsh criticism of the Fed for raising interest rates was spot-on. In an in interview Monday with The Wall Street Journal, Moore, President Donald Trump’s pick for a Federal Reserve Board seat, said the central banks’ recent policy pivot proves he was right.
President Trump keeps criticizing the Federal Reserve.. they're raising interest rates and it's ridiculous,” he said after the markets. The president was gesturing to the fact that the Federal Reserve has tightened monetary policy by raising interest.. investment could heal the country's ills-but I was wrong.
There is little agreement in the United States at the moment, but when it comes to the Federal Reserve, many Americans feel their central bank is broken, pointless or at worst bad for the country.
That means the Fed is paying over ~$6 billion in interest on excess reserves this year, almost double the amount paid last year, which reduces the amount the Fed remits to the U.S. Treasury.
The inclusion on the Fed’s list of comparable rates of the Fed’s primary credit rate is the real kicker. First of all, that rate isn’t a market rate but one that the Fed itself administers. What’s more, the Fed has long had a policy of setting it well "above the usual level of short-term market interest rates" (my emphasis again
By raising or lowering interest rates, the Fed can influence the supply of credit and, thus, the economy’s speed; easy-money policy stimulates the economy, while tight policy restrains it.
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There is plenty of evidence that recent Federal Reserve interest rate policy. Nonetheless, Fed policy continues to be the subject of criticism, with. be a bad thing because the limits would make Treasury markets less liquid.
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The expansion of the Federal Reserve’s portfolio of Treasury debt and mortgage-backed securities has a bigger impact on the credit markets than paying banks interest on excess reserves.
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