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Minutes of the Federal Open Market Committee

Minutes of the Federal Open Market Committee, September 19-20, 2023: A few participants observed that there were challenges in assessing the state of the economy because some data continued to be volatile & subject to large revisions.

Developments in Financial Markets and Open Market Operations The manager turned first to a review of developments in financial markets over the intermeeting period. U.S. data releases generally pointed to greater economic resilience than previously thought, and the reaction in market pricing implied both a higher expected trajectory for

Office of Financial Research

Office of Financial Research: Limiting Short Selling During Periods of Individual Stock Stress Reduces Volatility and Raises Prices

A working paper published today by the Office of Financial Research (OFR) finds that temporary short-selling restrictions, triggered by a sharp decline in a stock’s price, reduce market volatility and improve pricing and market liquidity. Despite strong predictions based on theories of disagreement, limited empirical evidence has linked short-selling

Periodic Report: Update on Bank Term Funding Program

As of 9/30/23 total outstanding amount of all advances from the liquidity fairy under the Bank Term Funding Program was $121,234,139,000. $2,645,685,000. in interest to survive another day...

Date Total amount outstanding Total pledged collateral Interest paid to survive another day 3/15 $11,942,528,000 $15,855,798,000 $662,000 3/31 $64,595,880,000 $79,569,489,000 $93,568,000 4/30 $83,061,693,000 $104,229,674,000 $369,957,

PRODUCER PRICE INDEXES – SEPTEMBER 2023

Inflation Alert! Producer Price Index Rises 0.5% in September, 2.2% for year. This is the largest increase since April. Inflation still raging.

Good morning and Happy Wednesday! Today before the CPI numbers, the Bureau of Labor Statistics released the Producer Price Index for final demand for September: The Producer Price Index for Final Demand tracks the input prices for consumer-facing industries whose output prices are then tracked by the Consumer Price Index--think

Fed Governor Michelle Bowman in speech Financial Stability in Uncertain Times

Fed Governor Michelle Bowman: "I am also monitoring the potential financial stability implications of nonperforming CRE loans that are packaged as part of commercial mortgage-backed securities (CMBS)."

Interesting Comments: Commercial real estate "I am also monitoring the potential financial stability implications of nonperforming CRE loans that are packaged as part of commercial mortgage-backed securities (CMBS). It is much more difficult to restructure a nonperforming loan that is part of a CMBS pool when compared with nonperforming

September Survey of Consumer Expectations

September Survey of Consumer Expectations: Inflation expectations 1yr 3.7%, 3yr 3.0% >2%. Households’ perceptions & expectations for credit conditions deteriorated.

Source September 2023 Survey of Consumer Expectations. The main findings from the September 2023 Survey are: Inflation * Median inflation expectations increased by 0.1 and 0.2 percentage points at the one- and three-year-ahead horizons to 3.7% and 3.0%, respectively. In contrast, median inflation expectations decreased by 0.

Meeting on Friday, October 13, 2023 at 9:30 a.m. (ET).

SEC to hold an OPEN meeting Friday, October 13, 2023 at 9:30 a.m. (ET) to discuss bona fide market making exception under Rule 203(b) of Regulation SHO & increasing the public availability of short sale-related data.

* The Commission will consider whether to adopt a rule under the Securities Exchange Act of 1934 (“Exchange Act”) to increase the transparency and efficiency of the securities lending market. * The Commission will consider whether to adopt a rule under the Exchange Act that is designed to provide greater transparency to