Report

Risks to Balance Sheet Normalization Plans

The recent upward drift in the effective fed funds rate (EFFR) toward the upper bound of its target range
occurred earlier than the Fed likely expected and prompted the interest rate on excess reserves (IOER rate)
adjustment.
The June 2018 Implementation Note that accompanied the FOMC statement said that the adjustment is
“intended to fost....
Provider
Monetary Policy Analytics
Monetary Policy Analytics

Led by former Federal Reserve Board Governor, Larry Meyer, Monetary Policy Analytics is an independent research firm focused on the macro economy, FOMC policy and interest rates. Our research is used by some of the world's largest hedge funds, fixed income asset managers, pension fund managers, currency desks, insurance companies and money center banks. The written commentary is outlined below:

Macro Views - A thematic presentation of Monetary Policy Analytic’s U.S. forecast that links our forecast of the key macro variables to monetary policy actions and market developments.

FOMC Briefing & Statement Comments - Timely, comprehensive commentaries interpreting and analyzing the implications of all FOMC communications.

Rates - Analysis and projections of the Fed's balance sheet, term premium, R* and their affects on the broader fixed income markets.

Weekly Update - Each week we publish an update based on incoming data.

In addition to the above, our clients may receive direct access to Larry Meyer and our team of Senior Economists and Senior Advisers via phone, email, conference call and in-person meetings.

Analysts
Derek Tang

ResearchPool Subscriptions

Get the most out of your insights

Get in touch