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.
Editor’s note: New York Fed President John C. Williams prepared the following remarks for delivery on Thursday, June 25 at the Crane’s Money Fund Symposium. President Williams was not able to participate in the event, and the speech was not delivered publicly. We have published the text of his remarks here at the originally scheduled time.
The Seventh Annual State-of-the-Field Conference on Cyber Risk to Financial Stability, co-hosted by the New York Fed, brought together researchers, practitioners, and policymakers at Columbia University’s School of International and Public Affairs on April 17. Through research presentations and panel discussions, the conference examined emerging threats to financial sector stability, distilling what the industry is learning and what more can be done.
New York Fed President John C. Williams and staff recently visited Orange County, New York, to hear from local leaders about challenges and opportunities in this growing region.
Roberto Perli, manager of the Federal Reserve’s System Open Market Account (SOMA), spoke about reserve management and the SOMA portfolio at the Atlanta Fed’s Financial Markets Conference on May 19.
The Federal Open Market Committee (FOMC) is responsible for conducting U.S. monetary policy to promote maximum employment and stable prices. The FOMC’s primary tool for adjusting the stance of monetary policy is by setting and adjusting the target range for the federal funds rate, which is the rate at which banks and other eligible Federal Reserve account holders borrow and lend reserves between each other on an overnight basis. In the Fed’s ample reserves implementation framework, the federal funds rate is kept within the target range primarily through the setting of administered rates, which are rates set directly by the Fed rather than by market forces, in conjunction with the Fed supplying sufficient levels of reserves to the banking system.
In remarks in New York City on May 4, New York Fed President John C. Williams spoke about how the Federal Open Market Committee (FOMC) is working to achieve its dual mandate goals of maximum employment and price stability at a time of great uncertainty. He also discussed the U.S. economy and monetary policy and gave his economic outlook.
On a recent regional visit to Staten Island, President John C. Williams and New York Fed staff met with elected officials and leaders from business, nonprofits, and education to better understand the borough’s unique challenges and opportunities.
In remarks at the Federal Home Loan Bank of New York’s annual symposium on April 16, New York Fed President John C. Williams discussed the regional and U.S. economies, as well as the ways the Federal Open Market Committee (FOMC) is navigating through uncertainty to balance the risks to achieving its dual mandate goals of maximum employment and price stability. He also gave his economic outlook.
From 2022 until December 2025, the Federal Reserve reduced its securities holdings by over $2 trillion, guided by the plans announced by the Federal Open Market Committee (FOMC) in May 2022. The FOMC ended this runoff when it decided reserves had reached an ample range. To maintain adequate reserve levels, the FOMC directed the Open Market Trading Desk at the New York Fed (the Desk) to increase System Open Market Account (SOMA) securities holdings through ongoing reserve management purchases (RMPs).
The Treasury Market Practices Group (TMPG) recently released a consultative note highlighting theoretical implications for the agency mortgage-backed securities (MBS) market from potential changes to the ownership structure of Fannie Mae and Freddie Mac, which are government-sponsored enterprises (GSEs).
