Asset managers becoming key drivers of policy transmission – BIS research
Positions appear to respond more to the Fed than the macroeconomy
Asset managers are playing a central role in the transmission of monetary policy, a working paper published on August 29 by the Bank for International Settlements (BIS) finds.
Lawrence Kreicher and Robert McCauley focus on the response of the eurodollar futures market to Federal Reserve policy announcements and employment surprises. In Asset managers, eurodollars and unconventional monetary policy, they find asset managers have in recent years taken positions on the basis of the Fed's forward
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