Macro Musings with David Beckworth10 Huhti 2023

Bill Nelson on the Fed's Discount Window Lending, the Overnight Reverse Repo Facility, and the Shifting Size of the Fed's Balance Sheet

Bill Nelson is a chief economist and executive vice president of the Bank Policy Institute and was previously a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. He also worked closely with the BIS working groups on the design of liquidity regulations and is a previous guest of the podcast. Bill rejoins Macro Musings to talk about the Fed's balance sheet, and in particular, the impact that the Fed's response to the recent banking turmoil has had on its size, as well as the role being played by the Overnight Reverse Repo Facility. David and Bill also discuss the changes in collateral treatment brought about by the banking crisis, the invocation of 13(3) for the Bank Term Funding Program, the recent volume of discount window lending, and a lot more.

Transcript for the episode can be found here.

Bill's BPI profile

BPI's Twitter: @bankpolicy

David Beckworth's Twitter: @DavidBeckworth

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