July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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A History Lesson on Money Market Certificates
One of the big problems facing U.S. commercial banks back in the 1970s was disintermediation caused by the Federal Reserve's Regulation Q. Reg Q limited the interest rates that banks could pay on their savings accounts and time deposits. The problem was that from time to time interest rates climbed above the Reg Q ceilings, usually because of increasing rates of inflation. Depositors naturally transferred their savings out of the banks and into money market mutual funds, which were not constrained by a rate ceiling.
The banks finally got regulatory relief. In June 1980, commercial banks were allowed to issue 6-month money market certificates (MMCs) that paid the 6-month T-bill auction rate plus 25 ...
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