
The 45 high school teachers had questions for Andrew Haughwout, the New York Fed’s deputy director of research.
The 45 high school teachers had questions for Andrew Haughwout, the New York Fed’s deputy director of research.
In remarks at a Puerto Rico Chamber of Commerce event on April 11, New York Fed President John C. Williams discussed the economy and monetary policy in the context of a changing and uncertain landscape. He also talked about inflation expectations and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability, and shared observations about Puerto Rico’s economy.
The Treasury Market Practices Group (TMPG), a New York Fed-sponsored group of market professionals, recently released a white paper and proposed recommendations on margin practices for repurchase agreements, or repos, involving U.S. Treasury securities. The white paper, based on discussions with market participants and data from the U.S. Treasury Department’s Office of Financial Research, describes the current risk management practices in the Treasury repo market for mitigating counterparty risk exposures, or the potential losses from a counterparty defaulting before final settlement of a financial transaction. It also identifies the resulting risk and resiliency issues. Based on this work, the proposed updates to the TMPG’s Best Practices include a recommendation that all Treasury repo trades should include prudent haircuts, or margin, on the value of the securities, in concert with other risk management techniques. In this article, we highlight the main findings of the white paper that led to this proposed best practice recommendation, with a focus on the non-centrally cleared bilateral repo market.
In early December, New York Fed President John C. Williams spent a day visiting neighborhoods in the New York City borough of Queens. In Long Island City, Flushing, and East Elmhurst, President Williams and a team from the New York Fed met with leaders in government, transportation, community development, and business. This regional visit—part of the New York Fed’s ongoing efforts to assess economic conditions across the Federal Reserve’s Second District—gave President Williams an opportunity to engage directly on issues specific to these communities.
In remarks at the Macroeconometric Caribbean Conference on March 21, New York Fed President John C. Williams discussed the economy and monetary policy in the context of a changing and uncertain landscape. He also talked about global inflationary trends, inflation expectations, and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability.
Roberto Perli, manager of the Federal Reserve’s System Open Market Account (SOMA), spoke before the Money Marketeers of New York University on March 5. He discussed monetary policy implementation issues related to the process of reducing the size of the Federal Reserve’s balance sheet and the related transition from an abundant to an ample supply of reserves.
The New York Fed’s Community Development team has been studying how the secondary market for loans originated by Community Development Financial Institutions (CDFIs) could be expanded. A more robust secondary market for loans made by CDFIs, which specialize in lending to low- and moderate-income communities, would give CDFIs greater access to capital. That, in turn, could increase the capital available to borrowers in the rural communities, suburbs, and urban neighborhoods CDFIs serve.
This is the second in an ongoing series on nonbank financial institutions. Read the first article on the basics of NBFIs.
The Federal Reserve has historically relied on commercial banks and select broker-dealers to implement and transmit monetary policy. In recent years, nonbank financial institutions (NBFIs) have taken on increasingly important roles. As discussed in a previous article, NBFIs are financial companies that perform a variety of financial services but do not have a bank license. Examples of NBFIs include investment funds, pension funds, insurers, government-sponsored entities, and broker-dealers. In this article, we discuss some of the ways that NBFIs contribute to the implementation and transmission of monetary policy in the United States.
In remarks at Pace University on February 11, New York Fed President John Williams discussed the economy and monetary policy. He also offered his economic outlook.