Treasuries (Government Debt)

Introduction to government debt and treasuries. What it means when we say that Federal Reserve Notes are issued by the Reserve bank but are an obligation of the Government.

Open Market Operations

Tools of the Central Bank to increase the money supply.

Fed Funds Rate

How open market operations effect the rate at which banks lend to each other overnight.

More on The Fed Funds Rate

More on the mechanics of the Federal Funds rate and how it increases the money supply.

Why Target Rates vs. Money Supply

The rationale for targeting interest rates instead of directly having a money supply target.

The Discount Rate

The discount rate and window. Lender of last resort.

LIBOR

London Interbank Offered Rate.

All photography by Jared Chambers