Lael Brainard: Recent changes in the resilience of market liquidity Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the Policy Makers’ Panel on Financial Intermediation: Complexities and Risks for “The Future of Financial Intermediation: Banking, Securities Markets, or Something New?” Salzburg Global Forum on Finance in a Changing World, Salzburg, Austria, 1 July 2015.
*  *  *  Recent events and commentary raise concerns about a possible deterioration in liquidity at times of market stress, particularly in fixed income markets. 1 These concerns are highlighted by several episodes of unusually large intraday price movements that are difficult to ascribe to any particular news event, which suggest a deterioration in the resilience of market liquidity.