Commenting on September’s money market crisis, the turmoil showed the pool of reserves needed was larger than most of the Federal Reserve’s estimates, Philadelphia Federal Reserve Bank President Patrick Harker said in remarks prepared for delivery in New York at an event on economic policy.
“Central bank’s efforts to boost liquidity calmed repo markets and made year-end a non-event,” Harker further noted. “Discussions over potential standing repo facility are still very much in the discourse. The preliminary findings of the Fed’s strategy review should be reached by midyear.”
The US Dollar Index paid little to no mind to these comments and was last down 0.16% on the day at 97.23.