Primary Dealers Explained: How Wall Street Transmits Fed Policy
Explore how primary dealers buy Treasuries at auction, execute Fed open market operations, provide secondary market liquidity, and fund operations via repo.
primary dealers
Open Market Operations: How the Fed and the Desk Steer Rates
Learn how Fed Open Market Operations work, how the New York Fed Desk trades with primary dealers, and how permanent vs. temporary repos steer interest rates.
How Treasury Auctions Work: Bid-to-Cover, Direct, Indirect
US Treasury auctions explained: single-price format, primary dealers, direct and indirect bidders, when-issued trading, bid-to-cover, and the tail.
How Treasury Auctions Work: Bid-to-Cover and Tails
How the U.S. Treasury actually raises money: single-price auctions, competitive vs noncompetitive bids, primary dealers, and what tails reveal.