WASHINGTON, Oct. 29 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1424) in October 2025 by Neil Mehrotra, Hyunseung Oh, and Julio L. Ortiz entitled "Retail inventories and inflation dynamics: The price margin channel". Here are excerpts: * * * Using industry-level panel data and plausibly exogenous variation in supply conditions, we estimate the elasticity of retail price margins with respect to inventories along the retailer's optimal pricing curve. We find that more PR

WASHINGTON, Oct. 29 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2025-1425) in October 2025 by Sirio Aramonte entitled "The case for supporting liquidity supply in (some corners of) non-bank intermediation". Here are excerpts: * * * After the Global Financial Crisis, the liquidity-supply ecosystem that underpins nonbank intermediation shifted away from traditional dealers. Instead, it started to rely more on intermediaries with fragile funding structures and opportun more PR