Markets
Fed Notes: Bank-to-Bank Fed Funds Lending Signals Liquidity Stress
A Federal Reserve note says bank-to-bank fed funds trades reveal liquidity distribution frictions that aggregate reserve measures miss, especially as reserves decline.
Federal Reserve
Follow Federal Reserve through LedgerWire reporting. 8 reports with clear summaries and linked sources.
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A Federal Reserve FEDS Note argues that fed funds market activity retains diagnostic value for bank liquidity. Lending between domestic banks, rather than arbitrage by non-bank lenders, is highly sensitive to lenders' reserve positions and can signal distributional stress even when aggregate reserves appear ample.
Fed Notes: Bank-to-Bank Fed Funds Lending Signals Liquidity Stress ↗
Markets
Fed Note: Bond Safe-Haven Role Shifts With Inflation Pressures
A Federal Reserve note finds government bonds' hedging property depends on inflation pressures and the type of economic shock, with post-2021 dynamics differing from the low-inflation era.
Markets
Beige Book: Growth Slows to Slight or No Change in Most Districts
The Federal Reserve's October 2026 Beige Book shows economic activity grew slightly or not at all in most districts, with tariffs and energy costs pressuring prices.
Markets
Atlanta Fed Beige Book: Sixth District Growth Modest, Employment Flat
The Atlanta Fed's October 2026 Beige Book reports modest Sixth District growth, flat employment, moderate prices and rising transportation costs.
Markets
Kansas City Fed: Tenth District Activity Steady, Costs Squeeze Margins
The Kansas City Fed's October 2026 Beige Book says Tenth District activity held steady, with cost pressures and labor constraints squeezing margins.
Markets
New York Fed Beige Book: Slight Growth, Renewed Price Pressure
The New York Fed's October 2026 Beige Book reports slight Second District growth led by manufacturing, with selling prices rising and tariff costs persisting.
Markets
Cleveland Fed Beige Book: Fourth District Activity Up Modestly
The Cleveland Fed's October 2026 Beige Book reports modest Fourth District growth, flat consumer spending, robust nonlabor cost pressure and hiring constrained by talent shortages.
Markets
Waller: Fed Focused on Inflation, More Hikes Possible
Fed Governor Waller says policy will focus on inflation for now and he anticipates additional rate hikes if data meet expectations, after September's quarter-point increase.