Yale School of Management

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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”

Congress Passes Additional $908 Billion Stimulus Bill

December 22, 2020
Both houses of Congress quickly passed a new coronavirus-related economic relief package with widespread bipartisan support in the late hours of December 21. The new stimulus legislation, estimated at $908 billion, includes further funds for the Paycheck Protection Program and other small business relief, another round of direct payments to households, extended unemployment benefits, and further support for airlines.  Continue reading “Congress Passes Additional $908 Billion Stimulus Bill”

Congressional Oversight Commission Scrutinizes National Security Loans

December 16, 2020
In the Congressional Oversight Commission (“COC”) November Report, the members of the Commission focused on questions surrounding the U.S. Treasury Department’s (“Treasury”) $700 million loan to YRC Worldwide, under the auspices of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provision for loans to businesses critical to national security. Treasury Secretary Steven Mnuchin appeared before the commission at a public hearing on December 10 to discuss the national security loan program. Additionally, the report provided an update on the various CARES Act lending facilities. Continue reading “Congressional Oversight Commission Scrutinizes National Security Loans”

The Uncertain Future of the Fed’s CARES Act Facilities

December 8, 2020
YPFS
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”