billion $ 4. 0 billion $ 4. 5 billion six - month funding volumes median 15 % 12 % 9 % 6 % 3 % 0 % $ 100 million $ 500 million $ 1. 0 billion $ 1. 5 billion $ 2. 0 billion $ 2. 5 billion $ 3. 0 billion $ 3. 5 billion $ 4. 0 billion $ 4. 5 billion source : fr2420 and dtcc. daily volumes aggregated across all available fed funds, eurodollar, certificates of deposit, and unsecured commercial paper transactions of the 30 global systemically important banks with tenors between 25 and 35 calendar days ( for one month ), 80 and 100 calendar days ( three month ), or 150 and 210 calendar days ( six month ) over the period october 15, 2016 to june 30, 2017. figure 2 : daily volumes in selected u. s. money markets daily volumes in u. s. money markets billions usd $ 754 billion $ 197 billion $ 79 billion est. $ 13 billion $ 1. 1 billion $ 343 million $ 132 million secured overnight bank effective 3 - month t - bills 3 - month gsib 3 - month aa 3 - month a2 / p2 overnight funding rate federal funds wholesale nonfinancial cp nonfinancial cp financing rate rate funding ( sofr ) average volumes over 2017h1, with the exception of 3 - month t - bills, which are preliminary estimates from available finra trade reporting and compliance engine ( trace ) data over august and september 2017. 3 - month volumes are based on all transactions with remaining maturities between 80 and 100 calendar days or 41 - 80 business days. source : federal reserve bank of new york ; finance industry regulatory authority ; dtcc solutions llc, an affiliate of the depository trust & clearing corporation ; and the board of governors of the federal reserve.

ultimately the ability of the economy to withstand shocks is a function of the flexibility and resiliency of labor, product, and capital markets ; strong and resilient market infrastructures ; and good macroeconomic policies, not the least of which is monetary policy. much progress has been made in our understanding of monetary policy in market - based economies. indeed the economic trends of the past generation show great promise, albeit interrupted by periods of genuine distress. in my view, we almost invariably end up with better macroeconomic outcomes than if we viewed stability as the sine qua non of policy. recent events serve as an important reminder that the next chapter of history is still being written. perhaps, that is always the case. as in the political realm, the path to the end of history may well prove to be prone to advance, overshoot, and correct. we must continue to deepen our understanding of financial markets and monetary policy, equipped with ample humility on a long, productive, and admittedly uneven path. references beattie, alan ( 2007 ). " master of the universe ( retired ), " a review of the age of turbulence : adventures in a new world by alan greenspan, in financial times, september 22 - 23. fukuyama, francis ( 1989 ). " the end of history? " national interest, vol. 16 ( summer ), pp. 3 - 18. kagan, roger ( 2007 ). " end of dreams, return of history, " ( august / september ), www. hoover. org / publications / policyreview. policy review kindleberger, charles p. ( 1996 ). manias, panics, and crashes : a history of financial crises, 3rd ed. london : wiley. laidler, david ( 2007 ). " successes and failures of monetary policy since the 1950s ", university of western ontario, rbc financial group economic policy research institute working papers 20072. london, ontario : university of western ontario, october. schumpeter, joseph ( 1942 ). capitalism, socialism and democracy. new york : harper. warsh, kevin ( 2007 ). " financial market developments ", speech delivered at the state university of new york at albany's school of business, albany, n. y., september 21.