Adds, inflation around target

Feds Lael Brainard is speaking at New York Fed treasury market conference.

The Board of Governor member (permanent voting member) adds:

  • reduction of Feds bond portfolio is well underway with no related deterioration in treasury market liquidity

On the functionality of the treasury market, Brainard says:

  • new data show primary dealers handle majority of all treasury activity
  • more analysis needed unsystematic intraday trading spikes like at the end of day
  • concern that sharp treasury market movements still occur in absence of clear news

She may take questions after her speech.

PS Fed's Williams gave the welcoming remarks at the Treasury market conference but had no market related comments.