NY Fed's Williams says NY Fed actions had desired effect of reducing market strains

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New York Federal Reserve President John Williams on Monday defended the bank&#03...

NEW YORK - New York Federal Reserve President John Williams on Monday defended the bank’s handling of volatility in money markets last week, saying officials anticipated the liquidity crunch and were successful in easing the markets.

“We were prepared for such an event, acted quickly and appropriately, and our actions were successful,” Williams said. Williams said on Monday that officials anticipated some developments that were expected to reduce liquidity, including quarterly corporate tax payments and the settlement of Treasury auctions, but said the reaction in the repo market was “outside of recent experience.”

The central bank official said the New York Fed is taking steps to make it easier for firms to potentially use the Secured Overnight Financing Rate, or SOFR, as a replacement benchmark. The New York Fed is preparing a SOFR index and aims to publish average SOFR rates daily by the middle of next year.

 

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When they dump more money into the system which means they probably printed more money or the digital equivalence it has made the money you carry around with you or in your bank worth less. That does not sound like a good solution to anything

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