Thirty years has marked the outer limit of Treasury bond maturities ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s. However, seven longer-term bonds, including one with a forty-year maturity, were issued between 1955 and 1963. The author examines the circumstances that led to the issuance of those seven bonds.
By Kenneth D. Garbade, Staff Reports 806, January 2017
For most mortgage transactions in the United States, intermediaries connect borrowers with capital market investors through the market for mortgage-backed securities. The authors show that during the 2008-14 period the price of intermediation was high and volatile. They explore the drivers of this variation and study its implications for the pass-through of monetary policy.