Central banks grapple with market backstop design

BoE’s Hauser and Fed’s Logan discuss pros and cons of repos vs asset purchases

Bank lending

The complexities of the non-bank financial sector continue to vex central bankers trying to develop an effective emergency backstop, or “market-maker of last resort” function.

Speakers at an event hosted by the University of Chicago on March 3 included the Bank of England’s Andrew Hauser and the Federal Reserve’s Lorie Logan. The pair previously headed up a Bank for International Settlements working group investigating how central banks should intervene to defend market functioning.

Since the

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