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Authorized for public release by the FOMC Secretariat on 1/12/2024 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF MONETARY AFFAIRS FOMC SECRETARIAT Date: September 7, 2018 To: Research Directors From: James A. Clouse and Matthew M. Luecke Subject: An analysis of the recent dynamics in the federal funds market President Harker asked that the attached memo from staff members at the Federal Reserve Banks of Philadelphia and New York, titled “An analysis of the recent dynamics in the federal funds market,” be distributed to research directors. Page 1 of 1
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