Reserve Management in an Era of Low Returns

RESEARCH - Although central banks have traditionally conducted their reserves management in a conservative and risk-averse way, the very low interest rates we see now have caused central banks, like other fixed income investors, to search for higher returns. With them increasingly considering wider investments this paper suggests it may be worthwhile for central bank risk managers to reconsider the mortgage-backed securities sector and include them in their wider reserves portfolios.

By John

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