Fed’s Logan: Treasury Market Functioning ‘Very Well’, Urges Stronger Support Tools

Logan's endorsement of Treasury market functioning is notable precisely because it comes alongside a call to reinforce backstop tools — a signal that resilience is being stress-tested rather than assumed. The weekend and holiday discount window proposal targets a real gap in liquidity access, and it matters most to the dealers and funding desks that rely on that facility in a pinch. Her explicit separation of market-support tools from economic stimulus frames the debate as plumbing, not policy. Whether the FOMC takes up the operational changes, and how that distinction holds under pressure, is the open question.