Federal Reserve Board
FRB offers seven-day term deposits via Term Deposit Facility. The Federal Reserve Board announced that it is conducting a floating-rate offering of term deposits with an early withdrawal feature via its Term Deposit Facility (TDF). The FRB will offer seven-day term deposits with a rate set that is equal to the sum of the interest rate paid on excess reserves (now 25 basis points) plus a fixed spread of one basis point. The maximum tender amount per institution is going to be US$5,000,000,000. (8/12/2015) Federal Reserve press release.
Office of Financial Research
OFR working paper on equity trading correlations. The Treasury Department’s Office of Financial Research (OFR) published a working paper concerning the degree of correlation among stock returns, how that affects the possibility of diversifying the risk of investment, and the way in which that plays a major role in financial spillover. (8/13/2015) Working paper.