Board of Governors of the Federal Reserve System

fixed-rate assets were still sizable for some banks. In terms of funding...fund leverage appears to be high and concentrated. (See the box "Developments

rates (collateral spreads over the relevant benchmark) in securities financing...rate derivative contracts that are subject to mandatory clearing since

funding markets for U.S. Treasury securities. The second set of special...funding corporate bonds and agency and non-agency residential mortgage-backed

funding (where they can pass along the benefit of a sticky price on deposits...funded with managed liabilities. For these banks as well, there is no

rate is heavily influenced by securitization activities, like mortgages...fund other types of bank credit as to fund single-family mortgages. Second

rates) and nonprice terms (including haircuts, maximum maturity, covenants...funding of non-agency RMBS. (See the exhibit "Measures of Demand for Funding

funding markets, which had abated somewhat beginning late last year, have...rate by 75 basis points to 2-1/4 percent. It was in this context of intensifying

funding, are less monitored by sophisticated market participants, and ...rate (RER) and net exports. I document that periods of high government

funding shortfalls in a panic led to fire sales of assets or a freeze ...funding our expenses, with adverse implications for our ability to conduct

rate and credit derivatives are now centrally cleared.4 And the Federal...funding for large financial institutions has made these liquidity arrangements