At the 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York, New York Thank you for the opportunity to speak at the Treasury Market Conference. Today I will discuss modernization of the Federal Reserve's discount window and some implications of that modernization for Treasury market functioning. 1 As this group knows well, the Federal Reserve's discount window lending program provides liquidity to banks. 2 Banks access discount window liquidity overwhelmingly through primary credit borrowing, which is offered on a "no questions asked" basis. The discount window is as old as the Federal Reserve itself, which will be 113 years old in December.
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