A Hitchhiker’s Guide to Federal Reserve Participation in Fixed Income Markets
回顾美国交易商中介的固定收益市场，包括国债、机构抵押贷款支持证券、公司债和市政债，分析过去十年市场演变及近期市场功能恶化事件，并概述美联储如何为实施货币政策和流动性干预与固定收益市场互动。
We review US dealer-intermediated fixed income markets, including Treasuries, agency mortgage-backed securities, corporate bonds, and municipal bonds. Through the lenses of primary dealers’ positions, we show these markets’ evolution over the past decade and the effects of recent episodes of abrupt deterioration in market functioning. We then overview how the Federal Reserve interacts with fixed income markets for the purposes of monetary policy implementation and liquidity interventions. We conclude by discussing the shifting composition of investors in US fixed income markets, and what consequences such changes in the investor base may have for monetary policy transmissions.