Independent Banker - June 2020 - 30

PORTFOLIO
The Federal Reserve's
recent actions are
designed to shrink spreads,
reminiscent of a squeeze
play in baseball.
Portfolio Management
By Jim Reber, ICBA Securities
Squeeze play
T
he Federal Reserve has been busy lately.
The past 90 days have seen a rerun of sorts
from what played out a decade ago, at the start
of what is now known as the Great Recession.
Several elements of its current multipronged
strategy have been repeated for the same purpose
of a decade ago, only in larger amounts. But their
objectives are the same.
Included in the Fed's playbook have been such
actions as cutting the overnight borrowing rate
to nearly zero, the operation of money market
facilities to keep the nation's fi nancial plumbing
30 Q ICBA Independent Banker Q June 2020
The Fed's market interventions have a goal of shrinking spreads.
working and the unparalleled amounts of quantitative
easing aff ected by the outright purchases
of investments.
It's these open market activities that have had
the most tangible impact on community bank
investment portfolios. Let's review the whys and
hows of this round of intervention and see what
the consequences are for ICBA members.
As it became evident that the epidemic was
going global, and the Fed announced its original
quantitative easing (QE) actions (ironically
on the Ides of March), the bond market's fi rst
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks

Independent Banker - June 2020

Table of Contents for the Digital Edition of Independent Banker - June 2020

Table of Contents
Independent Banker - June 2020 - Intro
Independent Banker - June 2020 - Cover1
Independent Banker - June 2020 - Cover2
Independent Banker - June 2020 - Table of Contents
Independent Banker - June 2020 - 2
Independent Banker - June 2020 - 3
Independent Banker - June 2020 - 4
Independent Banker - June 2020 - 5
Independent Banker - June 2020 - 6
Independent Banker - June 2020 - 7
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Independent Banker - June 2020 - Cover3
Independent Banker - June 2020 - Cover4
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