Fed's Kaplan says buying Treasury bills is not QE

12 Octobre, 2019, 20:31 | Auteur: Auguste Feret
  • Fed's Kaplan says buying Treasury bills is not QE

Risk trades are at the best levels of the day. -China trade deal could be a "positive development" for the US economy, Dallas Federal Reserve Bank President Robert Kaplan said on Friday but repeated that he'll remain open-minded and watching data closely in the run-up to the Fed's October 29-30 policy meeting.

It also will continue through at least January the recently implemented steps to inject funds into the U.S. markets on a daily basis. "If this proves to be insufficient they'll simply do more". Through that approach, the Fed sets monetary policy by controlling the interest rate charged on reserves instead of conducting daily market operations.

Federal Reserve Chairman Jerome Powell revealed that the central bank will be expanding the size of its US$ 4 trillion balance sheet through further short-term T-bill purchases.

Those bond buys, known as quantitative easing, or QE, were created to push down longer-term interest rates to spur borrowing and investment.

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The Fed will purchase Treasury bills through at least Q2 of next year to maintain "ample reserve balances at or above the level that prevailed in early September 2019". The Committee will continue to monitor money market developments as it assesses the level of reserves most consistent with efficient and effective policy implementation.

Across maturities, yields dipped modestly, but remained up between 5 and 10 basis points on the day.

Kaplan blamed the lack of liquidity on the "dramatic increase" in government borrowing as well as regulatory changes since the financial crisis that make banks less willing to lend reserves to each other.

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