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Powell: Fed Has Tools To Keep Funds Rate Within Target Range

FED

Sen Daines asks Powell about recently falling t-bill yields getting into the realm of "possibly negative rates". Powell says re t-bills it's really a Treasury issue, but it's "a lot of demand for short-term liquidity...driving down rates".

  • To the extent there would be downward pressure on the Fed funds rate because of "for example, the Treasury General Account shrinking in size", "we have tools to keep it within our intended policy range" which should limit extent to which other short end rates including t-bills could go negative.
  • On q re possible collateral shortage in bills, Powell says he doesn't see that.
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