The Teller Window - A view into the work of the New York Fed

September 25, 2025

Promoting Good Practices in the FX Market

Dan Reichgott and Lisa Chung

The New York Fed has unique responsibilities to support the Federal Reserve System’s monetary policy and financial stability goals. As part of that, the New York Fed participates in the foreign exchange (FX) market by intervening when directed by the Federal Open Market Committee and U.S. Treasury, conducting FX transactions for official sector account holders, managing international dollar liquidity facilities, and monitoring global market developments. It also sponsors the Foreign Exchange Committee (FXC), represents the U.S. on the Global Foreign Exchange Committee (GFXC), and convenes the industry and public sector from around the world for FX market structure conferences.

Posted in Financial Markets | Permalink

September 23, 2025

Tracking the Economy in Real‑Time Through Regional Business Surveys

Richard Deitz and Kartik Athreya

Federal Reserve policymakers need current information about economic conditions to make well-informed monetary policy decisions. But hard data, such as GDP and the unemployment rate, is released with a significant lag, making it difficult to get a precise, real-time read on the economy, especially during times of rapid change.

Posted in Economic Insights | Permalink

September 18, 2025

New York Fed Law Enforcement Unit: ‘There’s a Pride to Wearing This Uniform’

Ellen Simon

As part of its mission to make the economy stronger and the financial system more stable, the New York Fed processes cash notes for banks, runs trillions of dollars in electronic bank payments annually, and auctions trillions more in U.S. Treasury notes each year.

Posted in About the New York Fed | Permalink

September 4, 2025

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

Julie Lasson

In remarks in New York City on September 4, New York Fed President John C. Williams discussed his outlook for the economy and how he sees the path forward in the current moment.

Posted in Economic Outlook | Permalink

August 25, 2025

Key Takeaways from President Williams’s Remarks on the Economic Stars

Judy DeHaven

In remarks at a conference in Mexico City on August 25, New York Fed President John C. Williams addressed three questions pertaining to the importance, measurement, and use of time-varying unobservable variables at central banks, with a particular focus on the neutral rate of interest, or r-star.

Posted in Economic Insights, Monetary Policy Implementation | Permalink

August 13, 2025

Data Security, AI, and Infrastructure: Examining Cyber Risk in the Financial System

Michael Junho Lee and Rinku Sinha

Earlier this year, the New York Fed and Columbia University’s School of International and Public Affairs (SIPA) co-organized the sixth annual State-of-the-Field Conference on Cyber Risk to Financial Stability. Since 2017, this collaboration between the New York Fed and SIPA has sought to address three key questions: What are we learning about cyber risk to financial stability? What are we doing to improve resilience and stability? And what’s next?

Posted in Technology | Permalink

August 7, 2025

Nanotech, Semiconductors, and Workforce Challenges: A Visit to the Capital Region

Shawn Phillips

New York Fed President John C. Williams spent two days in June visiting leaders in government, business, and economic and community development in New York’s Capital Region to learn more about the area’s economic opportunities and challenges. The 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 the region.

Posted in Regional Visits | Permalink

July 17, 2025

Federal Reserve Repo and Reverse Repo Market Operations: 2015 to Now

Kevin Clark, Dina Marchioni, Julie Remache, and Will Riordan

In a prior article, we discussed the scarce reserves regime the Fed used to implement monetary policy before the global financial crisis, and how the Fed’s repo and reverse repo operations evolved in response to the crisis. In this article, we explore the continued evolution of repo and reverse repo operations—namely, how they were structured to address the spike in repo rates in September 2019 and the extraordinary market dislocations at the onset of the COVID-19 pandemic in March 2020.

Posted in Financial Markets, Monetary Policy Implementation | Permalink

July 16, 2025

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

Julie Lasson

In remarks in New York City on July 16, New York Fed President John C. Williams discussed what the latest data are saying in light of economic uncertainty, and how he expects the effects of tariffs to take shape.

Posted in Economic Outlook | Permalink

Federal Reserve Repo and Reverse Repo Market Operations: Before the Global Financial Crisis to 2015

Kevin Clark, Dina Marchioni, Julie Remache, and Will Riordan

Repurchase and reverse repurchase operations—or “repo and reverse repo” transactions—are critical to the Federal Reserve’s implementation of monetary policy. Alongside a broader suite of open market operations, these transactions influence interest rates and support smooth market functioning by helping to maintain the federal funds rate well within the target range set by the Federal Open Market Committee.

Posted in Financial Markets, Monetary Policy Implementation | Permalink