In Summary
In this month’s report, “Sea of Liquidity”, Rockefeller Global Family Office Chief Investment Officer Jimmy Chang examines the evolution of two items on the Fed’s balance sheet – the Overnight Reverse Repo Facility (ON RRP) and Treasury General Account (TGA) – and how they impact market liquidity and asset prices. With the exception of 2022, the first half of this decade has seen market liquidity and asset prices buoyed by these programs. Jimmy also discusses how the Fed may respond after the current era of excess liquidity winds down in the not-too-distant future.
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