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Federal Reserve Agency CMBS Purchases

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Abstract

On March 23, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York initiated plans to purchase agency commercial mortgage-backed securities (agency CMBS) at the direction of the FOMC in order to support smooth market functioning of the markets for these securities. This post describes the deterioration in market conditions that led to agency CMBS purchases, how the Desk conducts these operations, and how market functioning has improved since the start of the purchase operations.

Suggested Citation

  • Julia Gouny & Haoyang Liu & Woojung Park, 2020. "Federal Reserve Agency CMBS Purchases," Liberty Street Economics 20200716, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:88393
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    File URL: https://libertystreeteconomics.newyorkfed.org/2020/07/federal-reserve-agency-cmbs-purchases.html
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    Cited by:

    1. Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2022. "The Federal Reserve’s Market Functioning Purchases," Economic Policy Review, Federal Reserve Bank of New York, vol. 28(1), pages 210-241, July.

    More about this item

    Keywords

    SOMA; agency; agency commercial mortgage-backed securities (agency CMBS); Open Market Trading Desk (the Desk); COVID-19; the Desk;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets

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