Team,
I have reviewed the latest research output from the Federal Reserve districts. While the current window is lean on domestic macro-forecasting, there are specific structural insights regarding market plumbing and long-term growth drivers that we need to track.
Here are the most analytically significant publications:
1. [NY] Stripping STRIPs Trading Activity
This research addresses a critical blind spot in Treasury market liquidity by attempting to decouple aggregate volume from STRIPS (Separate Trading of Registered Interest and Principal of Securities). For our fixed-income desk, this is vital for understanding the true depth of the benchmark curve versus synthetic volatility.
2. [STL] The Erosion of Public Capital in Portugal
While focused on a specific Eurozone member, this serves as a case study on the long-term drag that public infrastructure decay exerts on GDP potential. It reinforces our thesis that fiscal austerity in the EU, if not targeted toward capital maintenance, creates a permanent ceiling on productivity growth.
3. [STL] Selective College Access and Intergenerational Mobility
This paper analyzes the correlation between elite education access and wealth persistence. From a macro perspective, this informs our long-term labor market models regarding "talent hoarding" and the systemic risks associated with declining social mobility and stagnant productivity.
Synthesis: The current research cycle emphasizes structural frictions—specifically in Treasury market transparency and the long-term degradation of human and physical capital. We should view these as "slow-burn" headwinds to global productivity and market efficiency rather than immediate catalysts for policy pivots.
The paper examines the reporting gaps in FINRA's aggregate trading volume for U.S. Treasury securities, specifically focusing on the exclusion of STRIPS. It analyzes how this lack of transparency affects the understanding of Treasury market liquidity.
In March 2020, the Financial Industry Regulatory Authority (FINRA) began reporting aggregate trading volume for securities issued by the U.S. Treasury Department. The public data do not, however, include information about the trading activity of Separate Trading of Registered Interest and Principal of Securities (STRIPS). STRIPS are created from existing Treasury securities and offer risk […]
The research analyzes the decline of public infrastructure and capital investment in Portugal. It explores the long-term implications of this erosion on national productivity and economic growth.
This study investigates the relationship between selective higher education admissions and the rate of intergenerational economic mobility. It argues that college access patterns significantly influence long-term income distribution and employment outcomes.
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