Randy Quarles’ mic drop speech included a very strange commentary on the future of the Fed’s emergency lending authority in 13(3). On today’s episode Steven Kelly and I react.
Quarles’ speech
Lev Menand’s paper on liquidity/credit facilities
Pari Sastri’s 13(3) paper
2008 Board minutes on penalty rates
On twitter: @StevenKelly49, @KalebNygaard
