New York Federal Reserve President John Williams on Monday defended the bank...
NEW YORK - New York Federal Reserve President John Williams on Monday defended the bank’s handling of volatility in money markets last week, saying officials anticipated the liquidity crunch and were successful in easing the markets.
“We were prepared for such an event, acted quickly and appropriately, and our actions were successful,” Williams said. Williams said on Monday that officials anticipated some developments that were expected to reduce liquidity, including quarterly corporate tax payments and the settlement of Treasury auctions, but said the reaction in the repo market was “outside of recent experience.”
The central bank official said the New York Fed is taking steps to make it easier for firms to potentially use the Secured Overnight Financing Rate, or SOFR, as a replacement benchmark. The New York Fed is preparing a SOFR index and aims to publish average SOFR rates daily by the middle of next year.
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