Fed announces plans to provide more support for repo market

22 Septembre, 2019, 22:12 | Auteur: Auguste Feret
  • US Fed's Bullard says bigger rate cut 'insurance' against recession

James Bullard, head of the St. Louis Fed branch, dissented in favor of a bigger half-point cut. While there was similar turbulence in the so-called repo market in the period leading up to the financial crisis, economists say there's no need to worry this time, the financial system isn't about to seize up like it did in 2008.

The Fed's willingness to provide more liquidity on Friday is "suggesting that the funding tightness evident in the US markets earlier this week has not dissipated", Scotiabank strategists Shaun Osborne and Juan Manuel Herrera wrote in a research note.

In addition to the daily overnight operations of $75 billion, the New York Fed said it would conduct longer 14-day repo operations of at least $30 billion on Tuesday, Thursday and Friday of next week.

Clarida insisted that the break up was not an indication that the Fed was having troubles arriving on the correct rate of interest setting for the financial system.

The Federal Reserve on Wednesday announced that it was cutting its key policy rate for the second time this year, reducing its target for the federal funds rate by another quarter-point to a new range of 1.75% to 2%.

The Fed's quarterly assessment of the course of rates, known as the "dot plot", showed a wide range of views. A range of views at the US central bank is not unusual with 17 policymakers around the table, 10 of whom get to vote on rates at any given meeting.

This week's rate cut followed an even larger shift in the Fed's policy outlook since late a year ago, when many officials expected they would still be raising rates through 2019. "I think it also comes down to risk management..."

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After delivering a split-decision rate cut earlier this week, U.S. Federal Reserve officials put their divisions over the state of the economy and what should be done about it on full display Friday with warnings of a slowdown and financial risks bookending talk of how well things are going.

Rosengren, who along with Esther George had also dissented in July when the Fed first cut rates, said that he saw the rate cuts as unnecessary.

"Additional monetary stimulus is not needed for an economy where labor markets are already tight and risks further inflating the prices of risky assets and encouraging households and firms to take on too much leverage", Rosengren said.

Bullard cited elevated trade uncertainty and said: "US manufacturing already appears in recession, and many estimates of recession probabilities have risen".

The move, which Clarida supported, was aimed at offsetting slowing global growth and risks associated with U.S. President Donald Trump's trade battles with China.

Each officers issued explanations of their dissents after the blackout interval for public remark surrounding Fed conferences ended.

The Fed said that it would be ready to conduct further operations as needed after October 10 but the amount and timing of those auctions has not been determined.

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