New York Fed President Williams said the shift to central clearing for U.S.
Treasuries and repo‑collateralized transactions is progressing ahead of
schedule. Market participants are expanding clearing infrastructure and moving
activity from non‑cleared venues to cleared markets ahead of an upcoming
deadline; eligible secondary‑market trades—including Treasuries, repos and
reverse repos—will be required to clear through central counterparties. Williams
reiterated the Fed is maintaining its ample‑reserves framework, which has been
very effective at keeping market rates inside the Fed funds target range and
supporting market functioning, and said the Fed remains committed to preserving
resilience in the supply of bank reserves.
