Financial plumbing might be ‘rusty or clogged’ – Philadelphia Fed president

patrick-harker
Patrick Harker, Philadelphia Fed
Philadelphia Fed

The Federal Reserve should look to whether money market plumbing is functioning as it should, a senior Fed official said on September 27.

Philadelphia Fed president Patrick Harker said that while the recent US repo market liquidity problem may be “jarring” in the moment, it offers an insight into the behaviour of markets.

“We should ask whether some pipes might be rusty. Or clogged. Or if more might be needed,” Harker said. “It is also worth asking if regulation might be contributing to any

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