Liberty Street Economics
The New York Fed economists' blog: short, data-driven posts on markets, banking, inflation and policy, often drawn from the bank's own surveys and market-desk data. Central-bank research in a form you can read in ten minutes.
Free to read
Liberty Street Economics launched in 2011 and is named for the New York Fed's headquarters at 33 Liberty Street. Posts are written by economists in the bank's Research Group and cover what the bank knows best: Treasury and repo market plumbing, bank funding, credit conditions, household debt, inflation expectations and the transmission of monetary policy. Many draw on data only the New York Fed collects.
The posts are short and built around charts, and longer topics run as multi-part series. The authors' views are their own, not official policy, which tends to make the writing more direct than formal Fed publications.
Subscribe to the RSS feed or check in weekly. When a market event hits funding markets or Treasuries, this is often where the clearest Fed-side explanation shows up first.
Start with
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1
Who's Borrowing and Lending in Repo Markets?
Part 1 of a three-part primer on repo, covering hedge fund basis-trade borrowers and money fund lenders.
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2
Follow the Cash! Microstructure of Repo Markets
Part 2 maps the segments repo trades through, the plumbing every rates desk relies on.
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3
The Role of Repos in Monetary Policy Implementation
Part 3 shows how the Fed uses repo to steer short-term rates.