Office of Financial Research

The Money Market Fund Monitor was refreshed with data current through November 2024. Total assets increased by around 3%, which brings the year-to-date increase to 12%. The Monitor is updated monthly using SEC Form-NMFP data.

We are #hiring a Conference and Event Planner. As a Conference and Event Planner you will be the primary point of contact in OFR for conference, meeting, and event planning and execution and in collaboration with the Associate Director of Operational Support. 📅 Apply Now! Public: https://lnkd.in/e9_R4amC Current Federal Employees: https://lnkd.in/efcqHqeq

We are #hiring an IT Specialist (AI). As an IT Specialist (AI), you will be responsible for the design, development, and maintenance of advanced Artificial Intelligence (AI) systems and algorithms that leverage machine learning, natural language processing, and other AI techniques. 📅 Apply Now!

We are #hiring a Supervisory IT Specialist (NETWORK). As an Supervisory IT Specialist (NETWORK), you will be responsible for working closely with OFR staff to ensure the confidentiality, integrity and availability of structured and unstructured data are available and protected. You will also provides expert and authoritative advice to the office on complex day-to-day IT issues. 📅 Apply now!

We are #hiring a Workforce Program Analyst. As a Workforce Program Analyst, you will be responsible for conducting analyses that broaden leadership understanding of the workforce, in order to inform their decision-making. You will produce analytical and actionable assessments of workforce programs and operational workforce data that identify trends and potential risks/opportunities and translate those data into actionable recommendations. 📅 Apply Now. Open to current or former federal employees qualifying as Status Candidates, Federal employees currently serving on a VRA, VEOA eligibles, CTAP/ICTAP eligibles, eligible for special hiring authorities (e.g., the Schedule A appointment for persons with disabilities, or covered by an Interchange Agreement), OR Land Management employees eligible under Public Law 114-47.

A new OFR Working Paper by John Heilbron revisits the nickel market stress of March 2022 and the LME’s decision to cancel eight hours of nickel trades. The cancellation of contracts helped members at LME Clear avoid being declared in default, but came at the expense of other market participants, who incurred losses. Future instances of trade cancellation are possible because the UK High Court upheld LME’s authority to cancel trade. The paper argues that trade cancellation runs in tension with a primary function of CCPs, which is to ensure contract performance. If contract cancellation prevents CCPs from losing “skin-in-the-game” capital during episodes of market stress, then CCPs will have less incentive to engage in proper monitoring and risk management. 

The Bank Systemic Risk Monitor, a collection of key measures of systemic risks posed by the largest banks, has been updated with quarterly data through 3Q 2024. Additionally, this update includes the 2024 G-SIB capital surcharges calculated under the BIS and Fed methodologies.

We are #hiring an IT Cybersecurity Specialist (INFOSEC). As an IT Cybersecurity Specialist (INFOSEC), you will be responsible for overseeing and supporting OFR's implementation of all aspects of Zero Trust Network Architecture (ZTNA). 📅 Apply Now

A new OFR Brief answers the question: Are crypto asset gains leading to households taking on more leverage? This brief analyzes the potential for systemic financial risks arising from household balance sheet changes because of crypto exposure. Zip codes with the highest crypto exposure in 2021 saw the largest increase in mortgage and auto loan originations and outstanding balances over subsequent years. As of Q1 2024, the increased use of leverage among these groups has not resulted in higher delinquency rates.

Today we published our 2024 Annual Report to Congress, which concluded that risks to U.S. financial stability are largely unchanged since last year. The report covers risks to financial stability for the 12 months through September 30, 2024. The OFR’s 2024 Annual Report to Congress is organized around the four major components of the financial system—asset markets, businesses and households, financial institutions, and money markets—and provides an analysis of the vulnerabilities that can impair the functioning of the system. Because technology is critical to the operation of each major component of the financial system, the report discusses technology vulnerabilities throughout. The report also identifies and discusses key data gaps related to uninsured deposits, private credit, and dealer margin practices. Lastly, the report also discusses several significant OFR accomplishments, including the publication of the Final Rule on non-centrally cleared bilateral repurchase agreement transactions, the release of the new Hedge Fund Monitor, and updates to the Bank Systemic Risk Monitor.