The Teller Window
A view into the work of the New York Fed
October 10, 2024

A New View of Our Monetary Policy Expectations Surveys

The New York Fed’s Open Market Trading Desk (“the Desk”) is responsible for aggregating and analyzing information on financial markets and investor expectations, among its many duties. This information is central to our ability to deeply understand and explain financial market developments to policymakers. We gather market intelligence in several ways, including by speaking regularly with market participants, analyzing financial market instruments, and administering surveys.

Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy

In remarks at Binghamton University on October 10, New York Fed President John Williams spoke about how the imbalances in the economy and labor market have dissipated and how inflation is moving sustainably toward 2 percent. He also discussed the decision by the Federal Open Market Committee (FOMC) to move the stance of monetary policy toward a more neutral setting. And he gave his economic outlook.

September 26, 2024

Key Takeaways from President Williams’s Speech at the 2024 U.S. Treasury Market Conference

On Thursday, September 26, New York Fed President John Williams spoke at the 10th U.S. Treasury Market Conference about how the annual interagency collaboration has strengthened the understanding of Treasury market resiliency and that of adjacent markets. He also shared news about the New York Fed’s ongoing commitment to ensuring that the financial system continues to stand on a strong foundation of reference rates.

September 6, 2024

Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy

In remarks delivered at the Council on Foreign Relations, New York Fed President John C. Williams spoke about the economy, supply and demand balance, and bringing inflation back down to the Federal Open Market Committee’s (FOMC’s) 2 percent longer-run goal. He also discussed the progress made toward the Federal Reserve’s dual mandate goals of maximum employment and price stability, as well as the path ahead for monetary policy.

September 5, 2024

Tokenization: Another Giant Leap for Securities?

For most of modern history, stocks and bonds were pieces of paper. Sixty years ago, buying a financial security or taking it as collateral meant receiving a certificate about five days later. This worked well enough for decades, but by 1968 there was so much paper that settlement became unmanageable, and the ensuing crisis forced Wall Street to start using computers to keep track of paper securities. This transition took about four years and did not go smoothly. In the time it took for Wall Street to modernize, NASA’s Apollo program managed four moon landings.

August 12, 2024

Examining the Global Reach of the U.S. Dollar

On May 20 and 21, 2024, the Federal Reserve Board and the New York Fed jointly hosted the Third Conference on the International Roles of the U.S. Dollar. The conference brought together researchers, practitioners, and policymakers to understand how changes in the global economic and financial landscape may affect the central role of the dollar.

August 8, 2024

Monetary Policy Implementation in Practice Today

Icons of a central bank, money, and a piggybank on a violet background with the words 'Recent developments to show how the Fed's tools have worked in practice' and 'Summer Reading'

In recent articles, we introduced the Fed’s policy implementation framework, the role of the Fed’s balance sheet, and the Fed’s standing liquidity facilities. In this article, we use those key concepts to discuss recent developments in monetary policy implementation and how the Fed’s tools work in practice.

August 7, 2024

The Federal Reserve’s Standing Liquidity Facilities

Icons of a central bank, money, and a piggybank on a green background with the words 'The Fed's standing liquidity facilities' and 'Summer Reading'

An ample supply of reserves—consistent with the Fed’s “floor system”—and the smooth functioning of funding markets are critical to effectively implement monetary policy. Market disruptions occasionally require the rapid provision of additional liquidity. One way to do this is through open market operations conducted with primary dealers, in which the Fed increases the reserve supply either temporarily or more permanently.

August 6, 2024

The Role of the Federal Reserve’s Balance Sheet in Monetary Policy Implementation

Icons of a central bank, money, and a piggybank on a gold background with the words 'The role of the Fed's balance sheet' and 'Summer Reading'

The Fed’s balance sheet, like any financial balance sheet, is a record of the assets acquired—either through open market operations or backstop lending—and the liabilities issued to fund those assets. So, it can be thought of as a record of monetary policy and other actions the Fed took to achieve its “dual mandate” and other responsibilities. In this article, we discuss the evolution and role of the Fed’s balance sheet in monetary policy and its implementation.

August 5, 2024

The Federal Reserve and its Monetary Policy Implementation Framework

Icons of a central bank, money, and a piggybank on a blue background with the words 'The Fed's implementation framework overall' and 'Summer Reading'

The Federal Reserve System is the central bank of the United States. Its key entities are the Board of Governors, which is an independent federal government agency, 12 regional Federal Reserve Banks, and the Federal Open Market Committee (FOMC). The FOMC includes members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four other regional Reserve Bank presidents who serve on a rotating basis. You might hear these entities more often referred to collectively as “the Fed,” for short.

About

The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders. It offers a deep look at issues that matter to the Federal Reserve’s Second District and the nation.

Articles on the Teller Window focus on the people and programs that help the New York Fed support the U.S. economy. They are written for a wide audience with the aim of illustrating what we are doing and why it matters. Stories include editorials, interviews, explainers, and reports on events and trends in our communities and region. The Teller Window is edited by the Communications and Outreach Group on behalf of the New York Fed. Separately, for analysis from New York Fed economists working at the intersection of research and policy, please see Liberty Street Economics.

The New York Fed began publishing on the Teller Window in November 2022. Articles with dates earlier than November 2022 were originally published by the New York Fed on Medium.

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