The Teller Window
The Teller Window
A view into the work of the New York Fed
January 16, 2026

How Monetary Policy Tools Helped Limit Money Market Pressures at Year‑End

Natalie Leonard, Dina Marchioni, and Hiroya Sato

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Similar to prior year-ends, overnight secured money markets experienced rate pressures on and around Dec. 31, 2025. While these pressures were substantial, they were short-lived, and overall market functioning was orderly. Moreover, higher overnight rates in the repurchase agreement, or repo, market did not spill over to the Federal Reserve’s policy rate, the federal funds rate. Orderly conditions over year-end followed recent decisions by the Federal Open Market Committee (FOMC) to resume balance sheet growth and enhance standing repo (SRP) operations. These recent decisions were made to maintain ample liquidity in the financial system and keep the federal funds rate within the target range set by the FOMC.

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Posted in Financial Markets, Monetary Policy Implementation | Permalink
January 13, 2026

Making Missing Markets: Connecting Communities and Capital

Julian Macrone

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Nearly 500 entrepreneurs, community leaders, investors, and researchers participated in “Making Missing Markets: Connecting Communities and Capital,” a November event focused on fostering and improving markets channeling investments into under-resourced communities.

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Posted in Community Development | Permalink
January 12, 2026

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

Julie Lasson

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In remarks in New York City on January 12, New York Fed President John C. Williams discussed what he expects to see this year for the U.S. economy and for monetary policy.

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Posted in Economic Outlook | Permalink
December 23, 2025

Standing Repo Operations in the Federal Reserve’s Monetary Policy Implementation Framework

Christian Cabanilla, Roberto Perli, and Julie Remache

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The Federal Reserve (Fed) implements monetary policy through an ample reserves framework, where a sufficient supply of reserves allows the federal funds rate and other short-term interest rates to be primarily controlled through administered rates set by policymakers. In this article, we provide insight into some of the tools the Fed uses to implement monetary policy, with a focus on recent changes to standing repo operations.

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Posted in Monetary Policy Implementation | Permalink
December 17, 2025

Ideas in Focus at the 2025 U.S. Treasury Market Conference

Ellen Correia Golay and Trevor Graney

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As the deepest and most liquid securities market worldwide, the U.S. Treasury market plays a critical role in the global economy. As Treasury Secretary Scott Bessent said in his remarks, “Maintaining a robust Treasury market—and strengthening it even further—is essential.”

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Posted in Financial Markets | Permalink
December 15, 2025

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

Judy DeHaven

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In remarks in New Jersey on December 15, New York Fed President John C. Williams discussed the U.S. economy and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability. He also provided his economic outlook.

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Posted in Economic Outlook | Permalink
December 11, 2025

Exploring Economic Innovation in Rochester and Syracuse

Shawn Phillips

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New York Fed President John C. Williams visited Rochester and Syracuse, New York, in late September to gain insights on the economy of the cities and surrounding region. The two days of meetings, roundtable discussions, and site visits with local leaders highlighted key trends shaping the future of Central New York and the Finger Lakes region.

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Posted in Regional Visits | Permalink
November 21, 2025

Key Takeaways from President Williams’s Speech on Inflation Targeting and Monetary Policy

Judy DeHaven

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In remarks at a conference celebrating the centennial of the Central Bank of Chile on November 21, New York Fed President John C. Williams discussed the importance of inflation targeting in helping central banks achieve price stability and better economic outcomes, particularly after the onset of the COVID-19 pandemic. He also gave his views on inflation, employment, and monetary policy in the United States.

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Posted in Economic Outlook | Permalink
November 19, 2025

Understanding the Federal Home Loan Bank System: What It Is and Why It Matters

Gara Afonso, Gonzalo Cisternas, and Will Riordan

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The Federal Home Loan Bank (FHLB) system was created almost a century ago and has evolved over time to play an important role in monetary policy implementation. It is a key participant in money markets, providing liquidity to thousands of financial institutions in the U.S. This article looks at why this system was created, how it is structured, and the composition of its balance sheet.

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Posted in Financial Markets, Monetary Policy Implementation | Permalink
November 10, 2025

Key Takeaways from President Williams’s Interview with the Financial Times

Brian Manning

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On Sunday, November 9, the Financial Times published a transcript of an interview with New York Fed President John Williams. In the interview, he discussed monetary policy, the economic outlook, and the Fed’s balance sheet and policy tools.

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Posted in Economic Outlook | Permalink
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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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