The Interdistrict Settlement Account (ISA) tracks financial flows across Federal Reserve Banks. This article provides an introduction to the ISA and traces its behavior, along with some other components of Reserve Bank balance sheets during the great recession and the financial crisis. We also discuss two important ways in which ISA differs from TARGET2, Europe's analogue to the combination of ISA and the Fedwire funds transfer system.
Our Research Focus: Payments and Policy
To receive a notification by email when Economic Quarterly is posted online or to order single copies of past issues, click on the links below (published online only since 2012).