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.
In remarks in Washington, D.C., on March 3, New York Fed President John C. Williams discussed how the Federal Reserve is working to achieve its dual mandate goals of maximum employment and price stability. He also gave his economic outlook and discussed his views on monetary policy.
The fourth International Roles of the U.S. Dollar Conference, held in September, brought together researchers, practitioners, and policymakers to examine the factors sustaining the dollar’s international roles, the evolving global fund allocation to U.S. safe assets, and the liquidity of these assets in a time of geopolitical and technological changes.
The theme of the New York Fed’s fifth annual “An Economy That Works for All” event was financial inclusion, defined as the availability of opportunities to access and participate in the financial system. The January event brought together researchers, educators, and nonprofit leaders to explore how financial literacy and innovation can strengthen household financial health and broaden economic opportunity.
The foreign exchange (FX) market is the largest financial market by trading volume in the world, with over $9 trillion in average daily turnover, according to the latest Bank for International Settlements data. Given the market’s important role in supporting international trade, investment, and finance, it is crucial to understand and analyze developments in it to ensure it functions effectively and resiliently.
On a recent visit to New Jersey, President John C. Williams and New York Fed staff explored two dynamic urban centers—Newark and Jersey City—to understand how local leaders, businesses, and community organizations are shaping economic growth and resilience.
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.
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.
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.
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.
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.”
