Changes in government securities and funding markets: lessons for central banks’ liquidity and operational effectiveness

Liquidity for the US Treasury and funding markets is changing. Lingering US financial stability concerns, quantitative tightening by the Federal Reserve, record-high issuance of US Treasuries and changes in market structure means that central banks must adapt to new conditions in dollar markets. This discussion will delve into the recent changes to US Treasury and funding markets and explore the tools and operations that central banks can adopt to better manage risk and liquidity in their portfolios.

This lunchtime event convenes 40 high-level officials from central banks, other official institutions, international organisations and financial market participants to explore:

– How changes in US fiscal and monetary policy and market structure will impact dollar liquidity
– Improving operational efficiency to adapt to changing market conditions
– A new era of risk management for foreign exchange reserves