Yale School of Management

Posts by Market Commentary

Non-primary Home Buyers, Shadow Banking, and the U.S. Housing Market

January 11, 2021
This guest blog post was drafted by from Adrian Alter, an economist at the International Monetary Fund, in the Monetary and Capital Markets Department, and Zaki Dernaoui, a PhD candidate at MIT Sloan, in the Finance Group. The views expressed in this blog are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Continue reading “Non-primary Home Buyers, Shadow Banking, and the U.S. Housing Market”

Use of Federal Reserve Programs – 01/06/2021

January 11, 2021
Below we report on operational Fed programs, based on the Fed’s weekly H.4.1 release. Since our last report, the use of lending facilities has increased to $94.8 billion. The use of the Main Street Lending Facility (MSF) surged before it, along with the other CARES ACT facilities, ceased new lending at the end of the year. The outstanding amount of the Fed’s U.S. dollar swap lines expanded to the end of the year, then dropped.  Continue reading “Use of Federal Reserve Programs – 01/06/2021”

The Uncertain Future of the Fed’s CARES Act Facilities

December 8, 2020
After a rare public disagreement with the Treasury, the Federal Reserve says it will return the bulk of the funds that the Treasury provided to buttress the Fed against any losses on four emergency lending programs. The Treasury, in turn, has stated its intent to transfer all unused funds that Congress had allocated to it for use in the Fed facilities to its General Fund by year-end. Continue reading “The Uncertain Future of the Fed’s CARES Act Facilities”