Fed and Treasury in FOIA Spotlight - Poliscio Analytics LLC
Wall Street Journal Seeking SEC emails and texts involving the Trump-affiliated venture capital firm 1789 Capital as it gains $861M in assets.| Poliscio Analytics LLC
Recently instituted rule amendments have initiated a large migration of dealer-to-client Treasury repurchase trades to central clearing. To date, the main avenue used to access central clearing is Sponsored Service, a clearing product that has, until now, received little attention. This post highlights the results from a recent Staff Report which presents a deep dive into Sponsored Service. Here, we summarize the description of the institutional details of this service and its costs and benef...| Liberty Street Economics
Wall Street Journal Seeking SEC emails and texts involving the Trump-affiliated venture capital firm 1789 Capital as it gains $861M in assets.| Poliscio Analytics LLC
The evidence in this paper points to a simple story. QE follows fiscal events, but it has not systematically caused an expansionary fiscal stance. I show that deficits widen before QE announcements and are not associated with a persistent increase in the primary balance, the CAPB, or the fiscal impulse. Where I do find a difference is around severe shocks (recessions, COVID-19) when the Fed’s purchasing of Treasury securities was already large or when it is actively buying.| EPIC for America
A proposed scheme could raise £32bn.| New Statesman
Proactive planning will help your business weather any future funding volatility and debt ceiling drama. Here’s what you need to know about treasury management.| Controllers Council
How Trump, DOGE, and Project 2025 Are Turning the IRS Into a Tool of Authoritarian Rule Editor’s Introduction: Hello readers, it's Nathan Tankus and I am very happy to bring to you the first in a long multi-part series on the IRS spearheaded by Anisha Steephen.| Notes on the Crises
In March 2020, the Federal Reserve commenced purchases of U.S. Treasury securities to address the market disruptions caused by the pandemic. This post assesses the execution quality of those purchases by comparing the Fed’s purchase prices to contemporaneous market prices. Although past work has considered this question in the context of earlier asset purchases, the market dysfunction spurred by the pandemic means that execution quality at that time may have differed. Indeed, we find that t...| Liberty Street Economics
A central use of reserves held at Federal Reserve Banks (FRBs) is for the settlement of interbank obligations. These obligations are substantial—the average daily total reserves used on two main settlement systems, Fedwire Funds and Fedwire Securities, exceeds $6.5 trillion. The total amount of reserves needed to efficiently settle these obligations is an active area of debate, especially as the Federal Reserve’s current quantitative tightening (QT) policy seeks to drain reserves from the...| Liberty Street Economics
Through Casa Business, a company can hold some or all of its business treasury in self-custody in a 3-key vault.| Casa Blog
Until Further Notice: Comprehensive coverage of the Trump-Musk Treasury Payments Crisis of 2025| Notes on the Crises
Background Congress will need to increase the debt limit as early as June 2025, and before the 2025 August recess at the latest. The Fiscal Responsibility Act suspends the debt limit through January 1, 2025. The new statutory debt limit will be set automatically, after that suspension expires, at the amount of debt accumulated until...| EPIC for America
Dyer, Fleming, and Shachar show how trading activity in benchmark U.S. Treasury securities now concentrates on the last trading day of the month and consider the implications.| Liberty Street Economics
A look at the current state of Treasury market liquidity in the U.S., with standard metrics and decreased volatility pointing toward improvements.| Liberty Street Economics
The three cited examples are even more embarrassing for another reason: A separate, pre-existing sanction might have prevented them.| Protos
A look at the two main forms of U.S. Treasury debt—nominal bonds and Treasury Inflation Protected Securities, or TIPS—and their relative valuations.| Liberty Street Economics
