Core Viewpoint - The Dallas Fed President Logan suggests that the Federal Reserve should abandon the federal funds rate as the benchmark for implementing monetary policy and consider linking it to a more robust overnight rate tied to the U.S. Treasury collateralized loan market [1] Group 1 - Logan believes the target for the federal funds rate is outdated and that the connection between the interbank market and the overnight money market is weak and could suddenly break [1] - She emphasizes that updating the mechanism for implementing monetary policy will be part of an efficient and effective central banking system [1] - Logan argues that the Tri-Party General Collateral Rate (TGCR) could provide the most benefits, as it covers over $1 trillion in transactions daily, allowing for effective transmission in the money market [1] Group 2 - The average trading volume in the federal funds market is currently less than $100 billion, highlighting the disparity in transaction volumes compared to TGCR [1] - Logan warns that if the transmission mechanism between the federal funds rate and other money markets fails, a quick alternative target will be necessary, and making important decisions under time pressure is not conducive to a strong economy and financial system [1]
美联储洛根：美联储应放弃联邦基金利率 改用国债抵押隔夜利率
Sou Hu Cai Jing·2025-09-25 21:34