At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
The high school students sitting in small groups in the New York Fed’s Museum and Learning Center had received clear instructions about the 30 paper slips on each group’s table: Using their non-dominant hands, students could grab one piece of paper at a time during each of five 20-second rounds. At the end of each round, each group would receive either double the number of slips left on the table or 10 additional slips. The goal: Maximize the number of paper slips held by each group.
On Tuesday, February 14, 2023, New York Fed President John Williams spoke at an event hosted by the New York Bankers Association. He discussed inflation, imbalances in supply and demand, and the ways in which monetary policy is working to restore balance in the economy.
In an article for the Federal Reserve System’s Community Banking Connections publication, Dianne Dobbeck, head of Supervision at the New York Fed, discussed technological developments in the financial services industry and the need for firms to practice responsible innovation to protect consumers and ensure the safety and soundness of the financial system.
On November 16, 2022, the New York Fed hosted the eighth U.S. Treasury Market Conference. This annual event is an opportunity for market participants, official sector representatives, academics, regulatory authorities, and other stakeholders to gather and discuss key developments, policy issues, and recent trends in the market for U.S. Treasury securities. It is co-sponsored with the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC), and after two years of virtual convenings was held in person again for the first time since 2019. Here are highlights from featured speakers and takeaways from the panel discussions.
On Thursday, January 19, 2023, New York Fed President John Williams spoke at an event hosted by the Fixed Income Analysts Society. He discussed inflation, the continued imbalances between supply and demand, and the effects that monetary policy is having on different sectors of the economy.
Low- and moderate-income people face intertwined economic challenges. A family unable to replace drafty windows may pay a higher heating bill each month, making paying other bills more difficult. Small business owners who lack access to loans may be unable to hire new workers, making local jobs harder to find.
In October, New York Fed President John Williams traveled to Buffalo to hear from local stakeholders about economic conditions in western New York as the region emerges from the pandemic. During the two-day visit, he met with government officials, business leaders, higher education representatives, and nonprofit and community leaders. Here are key themes that emerged in these meetings and discussions.
In 2021, about one of every 10 households was food insecure at some point, worrying that their food would run out before there was money to buy more. The costs of widespread food insecurity are felt everywhere, since hunger reduces productivity and costs the healthcare system billions of dollars each year.
Misconduct and poor organizational cultures in the financial industry have far-reaching and material consequences for the American people and economy. To address and help mitigate risk from misconduct and organizational culture, the New York Fed established the Governance and Culture Reform initiative, which examines how formal organizational structures and underlying drivers of individual and group behaviors impact outcomes at financial firms. This work began in the aftermath of the Global Financial Crisis, a period marked by widespread misconduct and a corresponding increase in litigation and enforcement activity in the financial industry, with scandals continuing to this day.
The New York Fed held the latest installment of its long-standing webinar series that examines culture and conduct in financial services on October 4. “Culture and the New Workplace” explored how work culture has been influenced by changing circumstances in the post-pandemic world, by technology, and by the expectations of employees and employers.
