New York Fed’s Potter fleshes out normalisation plans

Simon Potter

Simon Potter, executive vice-president at the Federal Reserve Bank of New York, used a speech yesterday to set out the mechanics of how the Fed will raise interest rates as monetary policy normalises.

The Federal Open Market Committee (FOMC) unveiled plans for monetary policy normalisation following its meeting in mid-September.

It specified the principal tool for normalisation would be interest on excess reserves (IOER), with reverse repos to be used as a secondary tool, but gave few details as

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