The Term Auction Facility (TAF) was designed by the Federal Reserve to inject emergency short-term funds into all depository institutions, both large and small, as a supplement to the lender of last resort discount window offerings. We examine the evolution of the Federal Reserve's design of the...

The Term Auction Facility (TAF) was designed by the Federal Reserve during the financial crisis to inject emergency short-term funds into banks as a supplement to the lender of last resort discount window offerings. We describe how the Federal Reserve altered the design of the Term Auction...

This paper examines U.S. Treasury securities and their reflection on increased inflationary fears in the US. Implications from recent monetary policy suggests conventional Treasury yields have not shown the full extent of rising fears of inflation in financial markets. In this monetary...

The Covid-19 Pandemic and policy response rattled the USTreasury markets. Conventional US Treasuries, inflation adjustedUS Treasuries, and the relationship between the two developed inways such that ignoring changes in real interest rates yielded dis-torted inflation expectations estimates....