Interest on reserves, floor system adoption, and balance sheet policy (2008-2018)

1. Congress accelerates authority to pay interest

   Oct 3, 2008Labels: Emergency Economic, U S, Federal Reserve

   • Congress
   • FRB Press

2. Federal Reserve begins paying interest on reserves

   Oct 9, 2008Labels: Federal Reserve, Depository institutions

   • FRB Press
   • FRB Annual

3. Fed announces first large-scale MBS and agency debt buys

   Nov 25, 2008Labels: Agency MBS, Federal Reserve

   • FRB Annual
   • GAO

4. FOMC adopts near-zero target range framework

   Dec 16, 2008Labels: FOMC, Federal funds

   • FOMC Minutes

5. FOMC expands purchases and adds Treasury buying

   Mar 18, 2009Labels: FOMC, Treasury securities

   • NYFed Speech
   • FOMC Minutes

6. Fed chooses reinvestment to keep holdings from shrinking

   Aug 10, 2010Labels: Federal Reserve, New York

   • NYFed Policy

7. FOMC launches QE2 Treasury purchase program

   Nov 3, 2010Labels: QE2, FOMC

   • NYFed FastFacts
   • FOMC Minutes

8. FOMC starts Operation Twist and MBS reinvestment

   Sep 21, 2011Labels: Operation Twist, FOMC

   • FRB MEP FAQ
   • FOMC Materials

9. Fed begins open-ended MBS purchases (QE3)

   Sep 13, 2012Labels: QE3, Federal Reserve

   • FRB BSD
   • FOMC Materials

10. FOMC adds $45 billion monthly Treasury purchases

    Dec 12, 2012Labels: FOMC, Treasury purchases

    • NYFed Policy

11. FOMC announces tapering of asset purchases

    Dec 18, 2013Labels: FOMC, Asset purchase

    • CNBC

12. FOMC ends net asset purchases but keeps reinvestments

    Oct 29, 2014Labels: FOMC, Reinvestment policy

    • FRB BSD

13. FOMC lifts rates using IOR-focused implementation tools

    Dec 17, 2015Labels: FOMC, Interest on

    • FOMC Minutes

14. FOMC issues balance sheet normalization caps plan

    Jun 14, 2017Labels: FOMC, Balance-sheet plan

    • FRB Press

15. FOMC begins balance sheet normalization (“runoff”)

    Oct 1, 2017Labels: FOMC, Runoff program

    • FRB BSD
    • NYFed LSE

16. Normalization continues under capped reinvestments

    Jan 8, 2018Labels: Runoff program, Agency MBS

    • NYFed LSE