To repo or to buy? Non-bank liquidity backstops still elusive

BoE’s Hauser and Fed’s Logan flag major design challenges in building ideal market backstop

Lorie Logan
Lorie Logan

The complexities of the non-bank financial sector continue to vex central bankers trying to develop an effective emergency backstop, or “market-maker of last resort” function.

Speakers at an event hosted by the University of Chicago on March 3 included the Bank of England’s Andrew Hauser and the Federal Reserve’s Lorie Logan. The pair previously headed up a working group of the Bank for International Settlements investigating how central banks should intervene to defend market functioning.

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