NY Fed Staff Paper on Treasury securities

The U.S. Treasury announced in August 2005 that it is exploring whether to provide a backstop securities lending facility for U.S. Treasury securities. The New York Fed Staff Paper "Why is the U.S. Treasury contemplating becoming a lender of last resort for Treasury securities?" examines the conceptual basis for such a facility.

This paper examines the conceptual basis for such a facility by analogizing the market for borrowing and lending Treasury securities with the market for borrowing and

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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