Williams notes productivity growth swings from minus 2 to 7 percent yearly versus 2 percent long-run average.
“Year-over-year productivity growth swings from minus 2 percent to 7 percent, compared to the long-run average of just over 2 percent ( Figure 1 ).”
Williams says non-reserve liabilities have swung by up to $460 billion over one-month periods recently.
“In recent years, aggregate non-reserve liabilities (excluding ON RRP) have increased by as much as about $250 billion on certain days and by as much as roughly $460 billion over a rolling 1-month time horizon ( Panel 10 ).”
Williams says the FX market withstood April volatility with stable spreads and increased platform volumes.
“The market withstood those pressures, as evidenced by fairly stable bid-ask spreads, market depth, and price impact measures. Trading volumes on primary platforms also increased notably, as is typical during highly volatile periods.”