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Podcast: FICC Focus
Episode: Macro Matters: Ample Reserves and Fed Stigma With Darrell Duffie
Description: The quantity of reserves is now determined by the amount necessary to run the payment system, says Darrell Duffie, a professor at Stanford University. On the Macro Matters podcast, Duffie joins hosts Ira Jersey, Bloomberg Intelligence’s chief US rates strategist, and Will Hoffman, BI’s US and Canada rates strategist, to discuss the Federal Reserve’s policy implementation framework. They cover ongoing shifts in balance-sheet policy and a return to net Treasury purchases, changes to the US banking and payments systems and what those mean for the size of the Fed’s balance sheet. They also touch on the nuanced...