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You Won’t Believe what Happened at the Discount Window
While the world was focused on financial volatility and liquidations at the start of August, something odd happened at the Federal Reserve's Discount Window (DW). Given everything else that has gone on since then, starting with the yield curve then considering now-cracking commodities, plus foreigners' dollar buffers and even US dealer banks' collateral holdings, there aren't that many ways to interpret what banks are doing - or not - at the DW.
Eurodollar University's Money & Macro Analysis
FRB Michael Barr The Importance of Effective Liquidity Risk Management…
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